In the cryptocurrency market, inspiring stories continue to emerge with the rise of Bitcoin. A long-term Shiba Inu owner managed to turn a $2,625 investment into over $1.1 million after holding for more than three years. The patient Shiba Inu owner achieved a return of over 419 times their initial investment within three years.
Another Investor Becomes a Millionaire
The experienced investor was first discovered by blockchain data analysis firm Lookonchain, as shared in a May 27 X post:
“The super diamond investor finally sold their SHIB assets for profit after being inactive for 3.5 years. On February 1, 2021, they spent 2 Ethereum, worth $2,625 at the time, to buy 48.09 billion SHIB and sold it for $1.1 million, marking a 419-fold gain.”
According to CoinStats data, after the profit, the value of the investor’s 0xe338 wallet increased to over $1.1 million due to the conversion of Shiba Inu assets to Ethereum.
The profitable trade occurred during a period of increased interest in memecoin projects. According to CoinMarketCap data, the cumulative trade volume of memecoin projects increased by over 40% on May 28, surpassing $13 billion. This transaction happened two weeks after another savvy crypto investor turned $3,000 worth of Pepe memecoin into $46 million during the resurgence of the GameStop saga, boosting the prices of some memecoin projects.
Memecoin Projects and the Crypto Market
While the two largest memecoins, Dogecoin and Shiba Inu, lagged in price movement, other dog-themed memecoins achieved double-digit weekly gains. Solana-based Dogwifhat (WIF) increased by 34%, Floki (FLOKI) by 35%, and Bonk (BONK) by over 25% last week.
Pepe also rose by 26% on the weekly chart after reaching an all-time high on May 27. However, if the price chart repeats the patterns from January 2024, Pepe fractals indicate a potential 40% price correction.
While it is difficult to predict the start of a holistic memecoin run, some investors believe that profits from GameStop will flow into altcoins similar to the 2021 bull run. Pepe’s rally coincided with the return of the GameStop GME stock saga. According to crypto analyst CryptoAmsterdam‘s May 14 X post, historical chart patterns suggest that the 2021 altcoin rally followed the GameStop rally, as referenced in the charts below.
