For a long time, #memecoin has been considered a lucky "secret" that can turn many people into millionaires and billionaires overnight. This once again became a reality when recently, an investor earned 1.24 million USD from just one transaction #Shiba Inu (SHIB) more than 3 years ago.
In January 2021, this person spent 2 ETH, about 2,700 USD to own 48 billion SHIB coins. After more than 3 and a half years of holding, he decided to disburse on last May 27, earning a huge profit of 1.24 million USD (an increase of 47,592%) at a price of 0.000026 USD/SHIB.
According to on-chain data, this wallet has only made 2 transactions during its lifetime: 1 buy order 1212 days ago and 1 recently completed sell order.
Unlike other cryptocurrencies, most memecoins like Shiba Inu are considered jokes of the cryptocurrency industry. This is also the reason why their value often fluctuates very quickly.
Current situation of Shiba Inu
The Shiba Inu became popular after the success of Dogecoin and was called the “Dogecoin killer”. Both use the image of the Japanese Shiba Inu dog breed as their symbol. Currently $SHIB has a market capitalization of 16.3 billion USD, corresponding to a circulating supply of 589.3 trillion tokens.
On April 22, the team behind Shiba Inu successfully raised 12 million USD from the sale of TREAT tokens - serving as a utility and governance currency on the new layer-3. Participating investors include Polygon Ventures, Mechanism Capital and Big Brain Holdings.
However, the memecoin investment trend also disappointed many investors, with a series of scams and rug pulls occurring. Memecoin is often considered a junk coin or lottery coin, so players should only spend small amounts of money, accept the risk of losing everything, and should not put all their assets into it.
