Shiba Inu by Ryoshi was created in August 2020 as a joke. People even made accusations that the coin was a hoax. However, once prices began to rise over 1000% in October, it is clearly making some individuals crypto millionaires. The coin is now trading at a whopping 83,000,000% more than it was a year ago.
One such person is Rob, a 35-year-old supermarket warehouse manager. Who went from struggling to make USD 68,000 a year to becoming a millionaire in under a year. Thanks to his investment in Shiba Inu.
Robs Journey to Become a Shiba Inu Millionaire
Flashback to February 2021, and Rob decides to take a leap of faith and invest in Shiba Inu. Over the next couple of weeks, he invests some more, adding up to a total of USD 8,000. Which is no mean feat for a man from a poor background.
As a result, he amassed a fortune of 800 billion SHIB. Rob earned a partial profit on his investment when the Shiba rate surged to a then-record high of $ 0.00035 in May, allowing him to transfer $ 500,000 into his bank account. That investment has literally changed his life. Since he’s now retired and has enough to set his family up nicely.
When cryptocurrency piqued his interest, he started doing some research. Before investing in Shiba, Rob claims he became addicted to Ryoshi’s woofpaper, which he discovered and read all twenty-eight pages of.
The woofpaper expressed the Shiba Inu coin’s concept, described as an “experiment in decentralized spontaneous community development” – words which struck Rob. It also helped that the publication added that Shiba Inus are great dogs! So he couldn’t help but take that leap of faith.
More Gains: Shiba Inu Millionaire
As luck and patience would have it for Rob and other crypto millionaires, Shiba Inu was able to grow again in October. This means that the SHIB investor still gained an upward of $1 million in crypto in his wallets.
However, unlike the previous USD 500,000 he’d cashed in in May, he maintains that he’ll not wipe out his entire portfolio yet. Because he firmly believes that it still has great potential. Additionally, Rob claims that becoming a member of the Shiba Inu community made him feel like he belonged. He’s since put money into other coins in the Shiba inu ecosystem, such as leash.
Regardless of success stories such as Rob’s, cryptocurrencies are exceedingly volatile and can be extremely risky to invest in. This is because crypto, unlike other types of investments, is not regulated. Therefore, nothing can protect your assets if something goes wrong.
In fact, you can’t be sure you’ll be able to convert your assets back into cash when you need to. And this is one of the biggest concerns about crypto.
Besides, suppose other crypto millionaires and whales who invested at the beginning of the project’s launch in August, like Rob, decide to sell off their coins. In that case, there will be a great possibility of a price drop, as it occurred in May.