THE the attention of the crypto community was attracted by a Shiba Inu Trader who made over a million dollars from the meme coin. This trader is considered to have made life-changing gains thanks to his foresight and courage in holding the piece of money for a long time.
How This Shiba Inu Trader Turned $2,625 into $1.1 Million
On-Chain Analytics Platform Lookonchain mentioned in an X (formerly Twitter) job that the trader spent 2 ETH ($2,625) to buy 48.09 billion Shiba Inu Tokens on February 1, 2021. This trader has held the meme coin for over three and a half years, having recently decided to sell off his SHIB holdings, selling it for 287.7 ETH ($1.1 million), which is a return of 419x for the trader.
This impressive profit is due to the Shiba Inu’s unprecedented rally during the 2021 bull run, when it recorded a 46,000,000% price gain. This trader’s investment came just before the coin frenzy began, with Shiba Inu hitting a absolute record (ATH) of $0.00008845 on October 28, 2021. Interestingly, this trader could have earned more from Shiba Inu trading if he had decided to sell the coin even at its peak that year.
Shiba Inu is currently down over 70% from its ATH, highlighting how much money this trader has left on the table. Either way, this development once again shows how meme coins have been making overnight millionaires for some time now. It is known that many people have become millionaires and even billionaires thanks to the crazy runs made by Dogecoin and Shiba Inu during the 2021 bull run.
Bitcoinist Previously reported about an anonymous crypto investor (simply known as “Shibtoshi”) who became a billionaire by investing $8,000 in Shiba Inu almost immediately after its launch in 2020. He held the meme coin for over a year and its investment finally reached $5.7 billion in October. 2021.
Meme Coins are also expected to change lives during this cycle
The meme coins are also expected to change many lives in this bull race, especially with this category of crypto tokens expected to be one of the main stories of this cycle. There have already been reports of coin traders making life-changing gains this year.
Bitcoinist reported about a Solana coin trader who turned $1,800 into almost $11 million using Dogwifhat’s (WIF) parabolic rise since the end of last year. The Solana-based meme coin has already achieved a year-to-date (YTD) gain of over 1,800%. More recently, Bitcoinist reported that some Solana coin traders turned $6,400 into $8 million in 24 hours.
Meme coins win more adoption in this market cycle, which explains why the prices of these crypto tokens (especially the smaller ones) can skyrocket overnight and earn traders huge sums of money.
Featured image created with Dall.E, chart from Tradingview.com
