Investor Nets $1.2 Million from Shiba Inu Over Three Years

A long-term investor in Shiba Inu (SHIB) has earned over $1 million from the meme coin, according to Etherscan data.

On January 31, 2021, the user purchased approximately 48 billion SHIB for 2 WETH (~$2700) on the decentralized exchange Uniswap.

The investor held the asset for about three and a half years, selling it on the morning of May 28 when the SHIB price rose to $0.000026.

This resulted in a return of $1.24 million, a 47,592% increase over the initial investment.

Earlier in May, the combined market capitalization of meme tokens rose by 8.1%, outpacing the rest of the crypto market. The five largest coins—DOGE, SHIB, PEPE, WIF, and FLOKI—accounted for approximately 77% of the total $56.4 billion figure.