the Crypto community interest It has been pointed out to A Shiba Inu dealer Who made more than a million dollars from the meme currency. This trader is seen to have made such life-changing gains thanks to his foresight and consistency in holding the price Same angle For such a long time.
How this Shiba Inu dealer turned $2,625 into $1.1 million
On-chain analytics platform Loconchine Marked with an X (formerly Twitter) mail That the trader spent 2 ETH ($2,625) to buy 48.09 billion Shiba Inu symbols On February 1, 2021. This trader has held the meme coin for over three and a half years, having recently decided to sell his SHIB holdings, selling them for 287.7 ETH ($1.1 million), representing a 419x return to the trader.
This astonishing gain is due to the Shiba Inu's unprecedented 2021 uptrend when it posted a 46,000,000% price increase. This trader's investment came just before the meme craze started, with the Shiba Inu hitting a target All time high (ATH) worth $0.00008845 on October 28, 2021. Interestingly, this trader could have made more profits trading the Shiba Inu if he had decided to sell the meme coin at $0.00008845. peak that year.
The price of the Shiba Inu is currently down over 70% from ATH, highlighting how much money this trader is leaving on the table. Regardless, this development once again shows how meme currencies have been successful in making millions overnight for some time now. Many individuals are known to have become millionaires and even billionaires thanks to the crazy runs made by Dogecoin and the Shiba Inu in the 2021 bull run.
Bitcoinist Previously mentioned It's about an anonymous cryptocurrency investor (known simply as “Shibtoshi”) who became a billionaire by investing $8,000 in a Shiba Inu immediately after its launch in 2020. He held onto the meme for over a year, and his investment finally reached $5.7 billion in October 2021.
Meme Coins are also set to change lives this cycle
Meme coins are also set to change the lives of many people In this bull race, especially with the expectation that this category of cryptocurrencies will be one of the leading narratives of this cycle. There have already been reports of cryptocurrency traders making life-changing gains this year.
Bitcoinist mentioned Solana meme coin trader who turned $1800 into nearly $11 million thanks to Dujoyvat (WIF) parabolic rise since the end of last year. The Solana-based meme coin has already achieved year-to-date (YTD) gains of over 1,800%. Recently, Bitcoinist mentioned Some Solana coin traders who turned $6,400 into $8 million in 24 hours.
Meme coins are gaining More adoption In this market cycle, which explains why the prices of these crypto tokens (especially the less popular ones) soar overnight and traders make huge amounts of money.
Featured image created with Dall.E, chart from Tradingview.com