SHIB Investors Become Billionaires After 3 Years of Hodling
5/29/20242 min read
The Beginning of Investing in SHIB
An investor who hodled large amounts of Shiba Inu (SHIB) meme tokens for more than three years came into the spotlight after selling them for a stunning profit of 41,900 percent, instantly becoming a billionaire.
This news, reported by Lookonchain, highlights the incredible journey of this investor's SHIB holdings.
Travel and Experience for 3 Years of Hodling
Crypto Briefing reported that, on February 1, 2021, the investor exchanged 2 Ether (ETH) for more than 48 billion SHIB tokens. At that time, the transaction was worth approximately US$2,625. Fast forward to today, the investor turned this modest investment into almost US$1.1 million, equivalent to IDR 17.7 billion, by swapping SHIB back to ETH.
What's interesting is that the investor who is now a crypto billionaire has not moved his ETH holdings since the exchange. The decision to leave the newly acquired ETH in his wallet has sparked curiosity within the crypto community, especially considering SHIB's price history. SHIB reached its highest peak in October 2021, a point at which such investors could realize greater profits. If the investor had sold at that peak, the profit would have been more than US$4.1 million, meaning a return on investment of 156,190 percent.
SHIB Recent Performance
Although SHIB experienced a significant decline from its peak, currently 70 percent below its highest peak, the token is showing some resilience. Over the last 30 days, SHIB recorded an increase of 4 percent. However, this performance pales in comparison to other memecoins in the current bull cycle.
Solana-based tokens such as Bonk (BONK) and Dogwifhat (WIF) have surged by 55 and 29.5 percent respectively in the same period. Meanwhile, Pepecoin (PEPE) has outperformed all with an incredible monthly increase of 109 percent, recently hitting its all-time high. The fierce competition in the meme coin sector is very visible, with new and interesting meme-based tokens emerging every day. As SHIB navigates this competitive landscape, its path to reaching previous highs will likely be challenging. SHIB's recently recorded price increase was offset by the impressive performance of its competitors.
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