A 35-year-old supermarket warehouse manager, who made a $8,000 bet on the shiba inu earlier in the year, is now enjoying his retirement thanks to meme coin’s stunning rally. Rob, from northern England, told Fortune that he is interested in cryptocurrencies to supplement his annual salary of $68,000.
Unexpectedly, he came across the shiba inu, which was founded in August 2020. And when he read the 28-page white paper of the token, everything was fine. “I got addicted after reading this,” Rob told Fortune, refusing to reveal his last name. “I only believed the words.”
He then gradually decided to invest $8,000 in the shiba inu and aimed to increase his holdings to tens of thousands of dollars. But his token’s stunning rally in February, which increased its value by 1,200 times in May, made Rob’s holdings beyond imagination.
“I come from a pretty poor background. I could not have dreamed of having that much money,” said Rob, adding that he checks his account every hour to make sure the earnings are not lost. “It wasn’t a dream.”
He withdrew $500,000 worth of shiba inu coins from the exchange and deposited it all into his bank account. This was when he quit his job.
Then, another spike in the coin’s price brought Rob’s unexpected earnings to over $1 million, according to documents reviewed by Fortune. Elsewhere, he has invested in other coins in the shiba inu ecosystem.
While Rob’s case is rare, anecdotes like this have increased in frequency thanks to wild fluctuations in crypto prices and the emergence of various new meme tokens. Shiba inu has rallied 99 million percent in the last 12 months, briefly becoming the 10th largest cryptocurrency by market cap this month, even surpassing Dogecoin at one point. It currently ranks 11th according to CoinMarketCap data.
While it is known that there are passionate communities behind digital assets, the shiba inu has proven to be one of the most diligent. That’s why Rob said he’s stuck here. Still, it’s unclear whether meme tokens, often driven by jokes and social media, will remain on the market. Experts say many will not survive.
But for Rob and other shiba inu supporters, what sets shiba inu apart are its use cases like the shibarium blockchain and immutable token artworks.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.