Trader makes 419-fold profit with Shiba Inu

It has long been known in the crypto space that you can get rich quick with memecoins. However, this is also true for investors with perseverance, as the following case shows. As the analysis platform Lookonchain reports, an investor recently realized a 419-fold profit from a Shiba Inu position he held for three years.

It all started in February 2021, when the trader entered Shiba Inu with 2 ETH (just under USD 2,625), according to on-chain data. Memecoin was relatively unknown at the time. The focus then was on its "big brother" Dogecoin. However, Shiba Inu's meteoric rise did not take long to materialize, as memecoin experienced its first rally just a month later, eventually leading to an all-time high of USD 0.000089.

Instead of selling, however, the investor clings to his position. This is followed by memecoin's deep fall over the course of the crypto winter.

With the start of the bull market, since the adoption of Bitcoin Spot ETFs in the U.S., the wind is changing for Shiba Inu and thus for investors. But the trader apparently had enough of this emotional roller coaster ride and liquidated his position. His original investment of 2 ETH eventually became 278.7, making the investor a millionaire (USD 1.1 million).

Despite all the success stories, however, it should be noted that trading memecoins carries enormous risks, which in the worst case scenario can lead to a total loss.