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.
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.
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.