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He Invested $17 In Shiba Inu. Now He Has Almost $6M

“Dog meme tokens” have captured the attention of crypto market participants – most recently Shiba Inu token (SHIB) took the spotlight after gaining 1479% in seven days. What's even more impressive is the token’s overall returns to early holders who purchas...

05/12/2021 06:10

“Dog meme tokens” have captured the attention of crypto market participants – most recently Shiba Inu token (SHIB) took the spotlight after gaining 1479% in seven days.

What's even more impressive is the token’s overall returns to early holders who purchased SHIB in October 2020.

What Happened: According to Etherscan, one token holder turned $17.53 into over $5.8 million after holding onto his initial investment for just 197 days.

The token holder’s wallet address also reveals more recent purchases of Papa Elon (PLON) tokens and StarElon tokens (StarLon) approximately 17 days ago. According to transaction details, PLON’s value has also doubled since his purchase.

Why It Matters: The recent surge in SHIB’s price has made even its more recent buyers sizeable gains in a short period of time.

The hype surrounding the Shiba Inu-themed cryptocurrency has also led to major crypto exchanges listing the token.

See also: DOGE Copycats And Meme Coins Send Ethereum Gas Fees To Record Highs

A few days ago, Binance announced that it would list SHIB, causing its price to surge 150%. Today, another major crypto exchange OKEx listed SHIB on its platform.

"We are pleased to welcome Shiba Inu to the OKEx platform. I appreciate their experimental spirit, which is exactly what the blockchain and crypto space needs,” said OKEx CEO Jay Hao.

Price Action: At press time, SHIB was trading at $0.00002915, down 10.41% overnight. The coin’s 24-hour trading volume was also down over 60% to $8.64 billion.