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Become a millionaire thanks to Shiba

BrotherRob, a supermarket warehouse manager, used his $8,000 savings to buy Shiba Inu digital currency and earned more than a million dollars.

Earlier this year, 35-year-old Rob started researching cryptocurrency. His goal is to increase his savings to several tens of thousands of dollars for his son to go to school.

Early retirement thanks to Shiba Inu coin coin

The Shiba Inu cryptocurrency with the Shiba dog symbol has increased 10 times in the past month. Photo: Coin Telegraph

While researching, Rob noticed the Shiba Inu coin (SHIB) – the meme cryptocurrency launched by the mysterious developer Ryoshi in August 2020. After reading the white paper about the project, he decided to invest even though the content only mentioned the purpose of “experimenting building a decentralized spontaneous community”, without any outstanding technology or platform.

“I was attracted. I believed those words,” Rob recounts.

In February, Rob decided to spend $8,000 on SHIB when its price was only $0.0000001 per coin. In May, when the price of this coin increased by 1,200 times, he sold some of it and transferred $500,000 to a bank account.

“I come from a poor background. I also never imagined that one day I would have so much money,” Rob shared. He also admitted to “crying a lot” with joy and regularly checking his bank account to see “it wasn’t a dream”.

Rob said, the manager at the supermarket brings him a salary of 68,000 USD per year. “It’s stressful work, lots of responsibility and I’ve never been passionate about it,” he said.

A few weeks after getting the big money, the 35-year-old decided to quit his job and spend his time at home. With the remaining cryptocurrency, Rob divided into many parts, most of which are still invested in SHIB, the rest for other coins in the Shiba Inu ecosystem, like Leash. By November, when SHIB continued to increase strongly, Rob said that the amount he owned had exceeded 1 million USD.

Symbol of the Shiba Inu digital currency.  Photo: Coinews

Symbol of the Shiba Inu digital currency. Photo: Coinews

Unlike other cryptocurrencies that are based on technologies and platforms, the “meme coin” was created with the original purpose of playing pranks on the developers. This also causes their prices to fluctuate greatly. The most famous of the coin memes are Dogecoin and Shiba Inu, with market capitalizations of $35 billion and $29 billion respectively, ranking ninth and eleventh in the cryptocurrency market, according to Cointelegraph. CoinMarketCap.

Dogecoin was created in 2013 and takes the image of Shiba Inu – a Japanese dog breed, as a representative. Dogecoin then became popular due to the support of Elon Musk. SHIB seems to be made out of Dogecoin and also has a phenomenal growth rate.

Rob isn’t the only one to benefit from SHIB’s spike. According to calculations, if a person invested $8,000 in this coin since August last year with an initial price of 0.0000000001 USD, they can now collect 5 billion USD thanks to the increase to 0.000055 USD today.

However, the coin is also highly volatile. For example, an investor who buys $100 into SHIB on May 10 will have only $25 on May 20.

Eating according to the money of the meme also makes many investors regret. Recently, a person also lost most of his savings of 28,000 USD because of buying digital money for movies Squid Game. According to experts, meme coins are often rated as junk coins or lottery coins, so players should spend a small amount and accept that they will lose, should not bet the entire property.

Bao Lam (follow Fortune)

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