“I could never have imagined having this much money,” a warehouse worker said.
After investing £6,000 in the meme-inspired cryptocurrency Shiba Inu, a warehouse worker quit their job and has retired at 35.
According to Fortune after the price of the meme coin skyrocketed by more than 700,000.% in 2021, the risky bet made the father and husband millionaires in less than a single year.
Rob, a former manager at a supermarket, said that he was interested in Shiba Iu because he had read the “woofpaper”, white paper on which the coin is printed.
The woofpaper was created by Ryoshi, Shiba Inu’s pseudonymous creator, in August 2020. It describes how the Ethereum network is built to be both a currency as well as a platform for decentralised technologies such as smart contracts.
It claims it is an “experiment with decentralised spontaneous community-building,” and that the “Shiba Inus” are “incredible dogs”, the same breed of dog that inspired the dogecoin cryptocurrency.
“I was hooked after reading that.” He said, “I believed everything he said.”
“I am from a very poor background. “I could not have dreamed of having this much money.”
Due to the volatility in crypto markets, Shiba Inu coins have seen a significant drop in value from their record highs. It has lost more than 40% of its value.
This means that anyone who invested the same £6,000 at its peak last month would now be less than £3,500 today.
According to a Luno market report, Shiba Inu was one of the top gainers. However, it seems like some meme coin holders have begun cashing in.
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