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June 26, 2022
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Altcoin

How did a warehouse manager manage to retire with Shiba Inu (SHIB)?

The risky bet on the meme currency yielded good results.

Second matter from Fortune magazine, a user named Rob, 35, worked as a warehouse manager at a supermarket chain. He looked to cryptocurrencies as a way to turn around and improve his standard of living.

To do so, Rob invested about US$ 8,000 in SHIB, when the price of the token was just over US$0.0000001. In May of this year, when the cryptocurrency reached US$ 0.000035, the user opted to withdraw US$ 500 thousand in profits to his bank account.

Even though he made a generous withdrawal, his equity in SHIB is worth just over $1 million. The recent rise in asset prices is the main reason the investor has become a new millionaire. Before the fortune, Rob earned about $68,000 annually as a warehouse manager.

High risk

As of this writing, SHIB is the eleventh largest cryptocurrency by market capitalization, according to data from CoinMarketCap. In total, there are just over US$ 30 billion and 549 trillion tokens traded.

However, the Shiba Inu bull run came as a nasty surprise to some investors: within a few days, the SHIB fell by about 50%, raising questions about whether the currency’s FOMO had finally come to an end.

the analysis of address shows that Shiba Inu, like much of the decentralized market, is controlled by whales. This means that few wealthy users are primarily responsible for sudden price movements – either up or down.

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