Shiba Inu is topping the crypto news headlines once again. This time the crypto meme coin has brought millions worth of fortune to its investors.
This is not a single-time event as just a few weeks before we witnessed another investor making millions from thousands worth of meme coin investments. Let us read all about the million-dollar returns.
Is Shiba Inu making millionaires?
The Shiba Inu investor was able to turn 2,625 US dollars worth of investment into 1.1 million US dollars.
This has become the most trending news in the crypto realm and the talk of the town as well.
The Shiba Inu investor has waited in patience for a long time and it seems that they have been closely observing the movements and trends in the chain and the value of the crypto.
It was on May 28 that the cumulative trade volume of meme coin projects passed a threshold of 13 billion US dollars.
It was a gain of more than 40%. What makes this million-dollar profit remarkable is the fact that it comes shortly after another similar event.
A not-so-old story of another meme coin millionaire
Not more than 2 weeks earlier another investor has made a profit of 46 million US dollars. It was from an early investment worth of 3,000 US dollars worth of PEPE, a popular meme coin having the cartoon character PEPE frog as its mascot.
This investor was able to make this profit as the GameStop saga resurged. This project jump has accelerated the prices of multiple crypto projects, especially the meme coin projects.
Back To Shiba Inu
Shiba Inu is a canine-based meme coin that was launched following the path of the original meme coin Dogecoin.
All these coins launched as a light-hearted alternative to traditional cryptocurrencies like Bitcoin, however, became a huge hit.
At the time of launch, Shiba Inu investors never thought they would be able to gain the wide acceptance and popularity that it currently has in the market.
This owner has been holding on to the investment for a long time until it turned into a million dollars worth. This individual made an investment worth 2625 US dollars and did not make a single move after that.
The patient Shiba Inu owner waited for more than 3 and a half years until it was sold now. The Shiba Inu investor was able to make around 419 times the original investment which was made a few years back.
The investor has been staying anonymous and we do not know more about that person. The news of this million-dollar profit was discovered by a post shared by Lookonchain, a Blockchain data analysis firm.
They posted it through their official X account on the 27th of this month; May 27, 2024.
How do we know about this?
The post read that the super diamond investor finally sold their SHIB assets after staying inactive for around 3.5 years.
This investor has brought Shiba Inu back in 2021. They spent 2 Ethereum which was worth 2625 US dollars at that time. With this 2 Ethereum, they brought 48.09 worth of SHIB.
After waiting for 3.5 years they now sold the SHIB asset for more than 1.1 million US dollars, which was a 419-fold gain. 0xe338 is the wallet of the investor.
The statistical data suggests that the value of the SHIB assets by this investor turned out to be millions of dollars worth following the Ethereum conversion; the SHIB assets were converted into Ethereum.
What’s happening in the meme coin world?
2024 has so far been a crypto-friendly year with almost all cryptocurrencies and projects making upward leaps. The new regulatory changes also seem to be in favor of crypto.
The most recent example of this is the Ethereum ETF approval by the US Securities and Exchanges Commission (the SEC). Since the beginning of this year, the world has been having a positive attitude towards crypto.
More people are thinking about cryptocurrency investments. Apparently, there is an impression that crypto can turn investors wealthy and they can return with loads of money.
The initial unsureness that the world had towards crypto is slowly changing. We have witnessed more youngsters turning towards crypto. Each day there is a new cryptocurrency and the trend of meme coins is still on. And altcoins seem to be on a stubborn journey to dominate the crypto world.
Bitcoin and Ethereum serve as the world’s largest and second-largest cryptocurrencies, respectively.
