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Shiba inu

Shiba Inu Trader Turns $2,625 To $1.1 Million – Here’s How They Did It

Scott Matherson
by Scott Matherson
1 year ago
·
Posted in Shiba Inu
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

The crypto community’s attention has been drawn to a Shiba Inu trader who made over $1 million from the meme coin. This trader is seen to have made such life-changing gains thanks to their foresight and fortitude in holding the meme coin for such a long time. 

How This Shiba Inu Trader Turned $2,625 To $1.1 Million

On-chain analytics platform Lookonchain mentioned in an X (formerly Twitter) post that the trader spent 2 ETH ($2,625) to buy 48.09 billion Shiba Inu tokens on February 1, 2021. This trader held the meme coin for over three and half years, having only recently decided to sell their SHIB holdings, selling it for 287.7 ETH ($1.1 million), representing a 419x return for the trader. 

Related Reading: Machine Learning Algorithm Predicts Dogecoin And Shiba Inu Price For June 2024

This impressive profit is thanks to Shiba Inu’s unprecedented rally in the 2021 bull run when it recorded a price gain of 46,000,000%. This trader’s investment came just before the meme coin frenzy began, with Shiba Inu hitting an all-time high (ATH) of $0.00008845 on October 28, 2021. Interestingly, this trader could have made more from the Shiba Inu trade if they had decided to sell the meme coin at its peak that year.

Shiba Inu is currently down over 70% from its ATH, highlighting the amount of money this trader left on the table. Regardless, this development again shows how meme coins have been making overnight millionaires for some time now. Many individuals are known to have become millionaires and even billionaires thanks to the insane runs that Dogecoin and Shiba Inu made in 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 it launched in 2020. He held the meme coin for over a year, and his investment finally reached $5.7 billion in October 2021. 

Meme Coins Also Set To Change Lives In This Cycle

Meme coins are also set to change many lives in this bull run, especially with this category of crypto tokens projected to be one of the leading narratives in this cycle. There have already been reports of meme coin traders who made life-changing gains this year. 

Related Reading: Microstrategy’s Michael Saylor Says Spot Ethereum ETFs Approvals Is Good For Bitcoin, Here’s Why

Bitcoinist reported about a Solana meme coin trader who turned $1,800 into almost $11 million thanks to Dogwifhat’s (WIF) parabolic rise since the end of last year. The Solana-based meme coin has already made a year-to-date (YTD) gain of over 1,800%. More recently, Bitcoinist reported that some Solana meme 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 prominent ones) can skyrocket overnight and make traders enormous amounts of money. 

Shiba Inu price chart from Tradingview.com
SHIB price trending toward $0.00003 | Source: SHIBUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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