The owner of the famous clothing brand Hoss Co. reportedly invested $10,000 in Shiba Inu (SHIB) after initially trusting the community of the meme coin project, earning a 1,500% return on that investment. Bride, cryptocoin.com Let’s take a look at the journey of the crypto entrepreneur we prepared as the beginning of 2019.
Matthew Goldby got off the first meme coin train early
Matthew Goldby, owner of Hoss Co., decided to invest $4,000 of the company’s remaining $7,000 earlier this year in a Shiba Inu (SHIB). The entrepreneur held the rival meme-inspired cryptocurrency Dogecoin (DOGE) in 2019, but sold the funds before search interest for DOGE exploded ahead of a massive 10,000% price rally. After initial investment in SHIB, the company continued to accumulate tokens to the point where it stopped spending on advertising after the market crash in May of this year, and Goldby took over the Door Dash business to continue buying the dip. The firm stalled after investing $10,000 to purchase 4.5 billion SHIB. The tokens are currently worth $160,000.
In a video posted on TikTok, Hoss Co. shared the Shiba Inu’s performance in its portfolio, demonstrating the return on its investment. According to Goldby, the venture was struggling to be profitable, allowing SHIB to take greater risks in its marketing campaigns. The company used some of the SHIB profits to pay photographers and editors, but is wary of tapping funds because it’s “more rewarding to keep.”
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