Shiba Inu [SHIB] has gained widespread popularity for various reasons. One of the key reasons is its launch and the months that followed, during which many investors became millionaires. This meme coin has transformed the lives of numerous individuals, including two brothers who were jobless and struggling financially. Their lives took a turn for the better after they invested $8,000 in SHIB.
Tommy and James, two brothers aged 38 and 42, found themselves unemployed as wedding filmmakers due to the Covid-19 pandemic. Their luck changed when a friend introduced them to Shiba Inu, as a spinoff of Dogecoin. The brothers were drawn to SHIB because it was available at a very low price and therefore affordable. They each decided to invest $200 in SHIB, for a total investment of $400.
“I kind of thought about Bitcoin — that was once a fraction of a penny and now it’s tens of thousands of dollars, and this happens to people, it’s possible. I trusted my friend and I figured if it went to zero, that’s OK. I thought of it as a lotto ticket that wouldn’t expire.”
Within a week of their initial investment, the brothers began to see substantial growth in their investment. Their initial investment of $400 into Shiba Inu quickly turned into $1,200. Encouraged by their success, they decided to invest even more and sought funds from their family members.
Although initially skeptical, the brothers’ mother and sister decided to pitch in and invest $100 each. As they witnessed the dramatic rise of the SHIB asset, they became more convinced and decided to invest more funds. In total, the brothers were able to acquire $8,000 and invested it into SHIB in 2020.
Fast forward to 2021
2021 was a great year for the entire crypto-verse. But for Shiba Inu, it was exceptional. During the period from January to May, Shiba Inu successfully removed five zeros. This further led to prominent gains for those who had invested early and held onto their tokens. As a result, some investors became millionaires.
Tommy and James were also part of this batch of investors. They invested $8,000 into Shiba Inu, which turned into $9 million due to an 11,000% surge over a period of eight months. Further describing the day they turned millionaires, Tommy said,
“Oh my God. We woke up the next morning and it doubled. Then it went up to $700,000 and I told my brother it’s going to hit a million. I kept refreshing my phone. The next day, it happened. The day it hit a million — my mom and sister, they didn’t think it was real”.
Was Shiba Inu able to maintain this momentum?
Evidently, no. It appears that the meme coin did not experience significant gains, despite its widespread adoption. While it reached an all-time high of $0.00008845 in October 2021, the asset has been on a downward trajectory since then. At press time, SHIB was trading for $0.000008888 with a 0.58% daily rise. It should be noted that the meme coin is nearly 90% below its all-time high.