Being a crypto millionaire isn’t the same as being a fiat money millionaire. And, the differences are more pronounced when the crypto in question is an altcoin.
The self-proclaimed dogecoin killer, Shiba Inu, is currently one of the hottest new cryptocurrencies in the market. And according to trusted reports, many of the earliest Shib holders are now worth millions on paper.
In a study done by CoinGecko on the Shiba Inu, one can observe that since May this year, Shiba Inu tokens shot up from $0.0000015 to a current value of $0.00003 — a 1,900% rise.
Its inclusion on the Coinbase and Public trading platforms is a contributing factor to this ascension. And the reality of Crypto millionaires is now a subject matter closer to home for the Shiba Inu investors.
A Short Story on a Million SHIBS
The earliest investors are currently the ones experiencing tremendous benefits from Shiba Inu.
For instance, consider an investor who had purchased $1000 worth of Shiba Inu back in 2020 or early 2021. The approximate number of coins they would have received then would be, one billion coins.
Now, let’s assume that the investor decided to sell these same coins on the 27th of October 2021 at the market price of $0.000043.
They would have received an instant deposit of not less than $4.3 million or more into their account by the close of business.
And currently, this is the case around the world for some of these early investors.
The Real-life millionaires
On the 17th of April, two brothers, Tommy and James, woke up to the exciting news that they had become millionaires.
While speaking to CNN, the duo said that all it took was a few hundred bucks’ worth of investment with Shiba Inu to change their lives.
At the time of their said investment, one coin was equivalent to a fraction of a cent, which is not much. But with the influence of a friend, a crypto expert, they were convinced to make an investment.
“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,” Tommy said. “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.”
Two months later, following their initial investment in late February, they were millionaires. And on their Dad’s birthday, they also made him a millionaire.
Similar incidents are duplicated across various news outlets and social media platforms, hence the Shiba Inu Millionaire frenzy. Like for the following address, the investor can comfortably receive the title, billionaire.
But still, it is important to take caution as this kind of success isn’t easy to replicate. It requires patience, soberness and a good understanding of the market.
“Don’t put in any money that you aren’t willing to lose,” James said in conclusion. “The meme tokens are very high-risk and you really don’t know what is going to happen with them. We know this is not what typically happens, although shiba has changed our lives. When you see it fluctuate so much, it does keep you up at night.”
Conclusion
The fascination with Shiba Inu making millionaires is well deserved, given that the standard timeline for becoming a millionaire using fiat money could be up to 10 – 15 years. A time frame is way too generous as it assumes a lot about a person’s income and investment strategies.
And another reason is that the Shiba Inu cryptocurrency wasn’t considered a reckoning force until the rallies began.