Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
SHIB Madness: How This Shiba Inu Trader Turned $2,500 Into Over $1.5 Million

SHIB Madness: How This Shiba Inu Trader Turned $2,500 Into Over $1.5 Million

CryptopotatoCryptopotato2024/03/06 12:04
By:Dimitar DzhondzhorovMore posts by this author

The massive profit will be realized if the trader sells the stash.

TL;DR

  • A Shiba Inu investor could turn a $2,500 investment into $1.58 million following the coin’s recent price surge.
  • Another trader’s small investment in dogwifhat (WIF) saw a massive increase to over $5.3 million, illustrating the lucrative yet risky nature of dealing with meme coins.

Patience is a Virtue

The second-largest meme coin – Shiba Inu (SHIB) – has witnessed a whopping 300% price increase in the past month, thus placing itself among the most trending cryptocurrencies (once again). Its impressive rebound has also benefited some investors who had entered its ecosystem during its early days.

Lookonchain  revealed  the case of one particular trader who spent approximately $2,500 to purchase almost 50 billion SHIB tokens in 2021. After 30 months of staking, the individual withdrew 40.5 billion assets and deposited them into Coinbase.

The trader will make a profit of approximately $1.58 million should they decide to sell the stash, representing a gain of 628x.

WIF Made Millionaires, too

Shiba Inu is not the only meme coin to have exploded by triple digits in several weeks, thus positioning the investments of savvy traders well in the green. 

As CryptoPotato  reported  last month, an individual bought over 2.5 million dogwifhat (WIF) tokens at the end of last year, spending just $310. Due to the coin’s rapid price appreciation, the trader currently sits on a paper profit of more than $5.3 million. 

Recall that WIF has been one of crypto’s rock stars in the past several days, with its valuation skyrocketing by 500% on a 14-day scale and surpassing the $2 mark. Its market capitalization exceeded $2 billion, making it the 54th biggest digital asset (per CoinGecko’s data).

Trading meme coins during the ongoing bull run indeed seems like an attractive investment opportunity, but it could also cause crucial losses due to the cohort’s infamous volatility. Please take a look at our latest video to check the most common mistakes that successful traders need to avoid when dealing with assets of that type:

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!