A TikTok user who acquired the Shiba Inu SHIB/USD meme coin in its early stages missed out on the opportunity to convert a $2,000 investment into billions.
What Happened: Back in January 2021, TikToker Damien Soylash managed to amass 25 trillion Shiba Inu tokens.
In a video posted in 2022, he recounted the events, saying, “In January [2021] I was browsing Reddit and came across a recommendation for buying meme currencies. One of them was SHIB. At that time I put $2,000 into it and I left it for a couple of weeks. It went down and I sold it for a loss.”
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Why It Matters: Notably, SHIB was priced at $0.00000000007388 on January 1, 2021.
Had the investor held onto their tokens today, their initial $2,000 investment could have transformed into $225 million today.
In 2020, an individual or collective operating under the name Ryoshi introduced a cryptocurrency token that paid homage to a particular animal, following the trend of popular dog-themed meme cryptocurrencies.
As the value of this token soared throughout 2021, it emerged as a "Dogecoin DOGE/USD Killer."
Price Action: At the time of writing, SHIB was trading at $0.000008317, down 1.19% in the last 24 hours, according to Benzinga Pro.
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