Someone created a memecoin Shiba Inu ( SHIB
+4.74%
Investors purchased approximately 48.1 billion SHIB on January 31, 2021, with 2-wrapped Ether (WETH) on the decentralized exchange Uniswap at a cost of approximately $2,700.
The user, who had been holding SHIB for about three and a half years, sold it this morning when the price of SHIB rose to $0.000026.
The SHIB sale value was $1.24 million, a 47,592% increase over the initial investment.
What is a Shiba Inu?
Shiba Inu is a meme coin with a market capitalization of $15.2 billion and a circulation of $589.3 trillion.
SHIB gained popularity following the success of dogecoin, and both coins were inspired by the popular image of the Shiba Inu, a Japanese dog breed.
On April 22, the Shiba Inu team raised $12 million through a token sale for TREAT, a soon-to-be-launched digital asset that serves utility and governance purposes in a new layer 3 network. TREAT will also be the final asset in the Shiba Inu token ecosystem. Investors in the token sale included Polygon Ventures, Mechanism Capital, and Big Brain Holdings.
Memecoin is also one of the cryptocurrency donations that Republican candidate Donald Trump could accept in the 2024 presidential election. Trading app Robinhood listed SHIB for trading for New York residents on April 24, 2024, The Block previously reported.
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About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for publications covering all cryptocurrency-related news, preferring NFTs, metaverse, web3 games, fundraising, crime, hacking, and cryptocurrency ecosystem stories. MK holds a graduate degree from New York University’s Science, Health, and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. X You can follow MK at @MManoylov and on LinkedIn.