Investor turns $2,700 of Shiba Inu into $1.2 million by holding it for over three years

Someone turned a small investment of the memecoin Shiba Inu ( SHIB +5.56% ) into over $1 million, according to on-chain data . 

The investor purchased around 48.1 billion SHIB on Jan. 31, 2021 for two wrapped ether (WETH) on the decentralized exchange Uniswap at a cost of around $2,700.

After holding onto the SHIB for around three-and-a-half years, the user sold it this morning when SHIB's price increased to $0.000026.

The SHIB sale was valued at $1.24 million — or a 47,592% increase of the initial investment. 

What is Shiba Inu?

Shiba Inu is a memecoin that maintains a market capitalization of $15.2 billion and a circulating supply of 589.3 trillion.

SHIB gained popularity following the success of dogecoin , both of which take inspiration from popular images of the Japanese dog breed Shiba Inu.

On April 22, the team behind Shiba Inu raised $12 million via a token sale for a forthcoming digital asset TREAT, serving utility and governance purposes on 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.

The memecoin is also one of the acceptable cryptocurrency donations for Republican candidate Donald Trump for the 2024 presidential election. The trading app Robinhood also listed SHIB for trading for New York residents on Apr. 24, 2024, The Block previously reported.