A SHIBA Inu investor reportedly turned a $17 stake into $15million in just over a year.
The shrewd trader bought up just over 200billion of the “joke” meme coins last October when they were worth next to zero.
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In May – when it was accepted on some exchange platforms – a massive spike in value saw his investment shoot up to around $6million.
He held his nerve despite a sharp dip in the price of Shiba Inu over the summer.
A second spike in October this year swelled his digital wallet to around $15million by the end of the month.
The value has slipped again in the last four weeks, but that early investor would still cash in around $8million if he chose to bail out of the risky market now.
However, attempting to sell such a large stake would likely send the price crashing.
He is one of the so-called “whales” who are said to control an estimated 70 per cent of all Shiba Inu coins.
The dog-themed cryptocurrency was reportedly created as a joke, following on from Dogecoin – which skyrocketed after tweets by Elon Musk.
Shiba Inu has also caught the imagination of online investors and is now one of the ten biggest crytocurrencies in the world.
Wild swings the market for such coins has meant huge gains for a lucky few but also some big losses.
5 risks of crypto investments
THE Financial Conduct Authority (FCA) has warned people about the risks of investing in cryptocurrencies.
- Consumer protection: Some investments advertising high returns based on cryptoassets may not be subject to regulation beyond anti-money laundering requirements.
- Price volatility: Significant price volatility in cryptoassets, combined with the inherent difficulties of valuing cryptoassets reliably, places consumers at a high risk of losses.
- Product complexity: The complexity of some products and services relating to cryptoassets can make it hard for consumers to understand the risks. There is no guarantee that cryptoassets can be converted back into cash. Converting a cryptoasset back to cash depends on demand and supply existing in the market.
- Charges and fees: Consumers should consider the impact of fees and charges on their investment which may be more than those for regulated investment products.
- Marketing materials: Firms may overstate the returns of products or understate the risks involved.
We told last month how one punter claimed to have sold their flat and ploughed it into Shiba Inu hoping to become a billionaire.
They said on Reddit: “If I lose everything, I really don´t care.”
Another Shiba investor recently said their life savings are tied up in the cryotocurrency but is refusing to sell until it makes him rich – despite being homeless.
Many have been inspired by those who have struck it rich.
Terrance J Leonard revealed a $2,000 cryptocurrency investment swelled to $1million, allowing him to buy his dream home.
And one mystery trader says the life-changing profits from cryptocurrencies means he has also been able to buy a house.
Other stories of hitting the cryptocurrency jackpot include a brother and sister duo who’ve have made $160,000 in just six months.
But the UK regulator has warned buying any cryptocurrency is incredibly risky.
Experts say you should treat it like a bet on the horses, and only stake money you can afford to lose.
Yesterday Jordan Belfort – the real life Wolf of Wall St – branded Dogecoin and Shiba Inu “s*** coins”.
He told The Sun such cryptocurrencies have “no value and no use” and the creators of some should be put in jail.
Some investors have recently been stung by new fraudulent crypto coins which boom for a few days before collapsing in so-called “rug pull” scams after the creators have made off with millions.
What is cryptocurrency?
CRYPTOCURRENCIES are a form of payment that can be exchanged for goods and services.
They work using a technology called blockchain.
Blockchain is a decentralised technology spread across computers that manages and records transactions. Find out more about cryptocurrencies below..
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