As hard as it may be to believe, the crypto joke that is Dogecoin (DOGE) has been so successful – aided and abetted by Elon Musk – that the crypto with the iconic Shiba has been plagiarized countless times. Among these plagiarizations of an already parodic crypto, Shiba Inu (SHIB) has managed to pull its weight, to the point of rising to the level of its “model” in terms of valuation. A price explosion that has allowed some to become millionaires.
From $8,000 to over $1 million with SHIBs
As reported in an article in Fortune, a certain “Rob” is more than happy to have bet his money in a “memecoin” type of cryptocurrency, i.e. based almost solely on the success of an internet meme (these funny images, often hijacked, sometimes accompanied by a little text).
Our friend Rob, a 35-year-old supermarket warehouse manager, invested (bet?) $8,000 on the SHIB token, even though the cryptocurrency was only worth $0.0000001 per unit. And improbable stroke of luck: his number came up in the roulette of fate.
At the previous crypto market peak in May 2021, Rob sold some of his SHIB at $0.000035, making a cool +35,000%. This netted him a cool $500,000 in his bank account.
An early retirement thanks to Shiba Inu
Although SHIB prices fell with the entire crypto market in late May, the canine token has since surged to unimaginable new heights, even briefly touching $0.000082 on October 28, 2021, before dropping back to $0.000052 at the time of writing.
But even at that price, Rob still owns over $1 million worth of SHIB, which led him to make a drastic decision to quit his $68,000-a-year job to stay home and care for his son, while contributing to discussions about Shiba Inu-related projects.
Rob is so confident about the future of this memecoin that he plans to HODL (keep) his SHIB tokens:
“We believe so strongly that there is so much more to be achieved with Shiba (…) I will never sell our entire portfolio.”
After all, Rob bet $8,000 on a parody cryptocurrency that was completely unknown at the time, with a concept based solely on cute Shiba Inu dogs. So, in the end, it makes quite a bit of sense that he would still take the risk of keeping his SHIBs today. However, it should be noted that during the previous bubble in May 2021, the price of the SHIB had been divided by 4 in a few days, and this without Elon Musk’s interference.