Shiba

GameStop

Million

Shiba Inu

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-turns-2625-into-1-1-million-with-shiba-inu/" data-wpel-link="internal">Investor Turns $2,625 into $1.1 Million with Shiba Inu</a> 
In the <a href="https://en.coin-turk.com/bitcoin-and-ethereum-reach-new-heights-in-the-market/" data-wpel-link="internal">cryptocurrency market</a>, 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. 
<h2 class="p1" style="text-align: justify" id="another-investor-becomes-a-millionaire">Another Investor Becomes a Millionaire</h2> 
The experienced investor was first discovered by blockchain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> firm Lookonchain, as shared in a May 27 X post: 
<blockquote> 
 “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.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356877 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/lookonchain-1.jpg" alt="" width="1436" height="638"> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356876 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coinstats-3.webp" alt="" width="1155" height="453"> 
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. 
<h2 class="p1" style="text-align: justify" id="memecoin-projects-and-the-crypto-market">Memecoin Projects and the Crypto Market</h2> 
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. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-356875 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/wif.webp" alt="" width="1747" height="929"> 
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. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-356874 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/pepe-grafik.png" alt="" width="2710" height="1434"> 
While it is difficult to predict the start of a holistic memecoin run, some <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> 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. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-356873 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/gme-scaled.jpg" alt="" width="2560" height="1541"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-turns-2625-into-1-1-million-with-shiba-inu/" data-wpel-link="internal">Investor Turns $2,625 into $1.1 Million with Shiba Inu</a></h5>

Investor Turns $2,625 into $1.1 Million with Shiba Inu

Table of Contents

COINTURK NEWS

Other articles published on May 28, 2024

BlockDAG’s New Dashboard Drives $33.5M Presale, Outshines Ethereum (ETH) Surge and Arweave Crypto...

Bernstein Predicts Significant Growth in Crypto Market

China’s AI Companies Start a Fierce Pricing War

In blockchain technology, what is a mempool?

Ripple Faces Increased Whale Activity

Analyst Foresees Crypto Market Surge

Join our free newsletter for daily crypto updates!