Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The supermarket warehouse worker Rob started researching about SHIB earlier this year and put his life savings into it. The worker later cashed out half a million dollars during May 2021.
A 35-year-old supermarket worker identified as Rob has made life-changing money with his Shiba Inu (SHIB) investments. Earlier this year, rob from northern England started researching for digital assets amid the booming market.
Supermarket Worker Invests in SHIB
Just then he came across the freshly launched meme cryptocurrency Shiba Inu (SHIB). Rob then entirely read the Shiba Inu woofpaper that got him into the play. The British man said:
“After reading that, I was hooked…I just believed the words”.
Post that Rob started putting all his hard-earned money into Shiba Inu (SHIB) by the month of February. By that time, Shiba Inu was still the underdog while rival Dogecoin (DOGE) was grabbing all the market attention.
As reported by The Fortune, the supermarket worker Rob invested nearly $8000 of his money into Shiba Inu (SHIB). During the month of May when Shiba Inu started getting mainstream attention, Rob’s wealth was appreciated by 1200 times. Just at that time, Rob cashed out a staggering half-a-million dollars and was quite emotional seeing this whole sum in his bank account.
“I come from quite a poor background. I could never have even fantasized about having this much money,” he said. These earnings helped Rob to quit his job as a warehouse worker. Rob is still an investor in the meme cryptocurrency and holds seven figures worth of SHIB and other Dogecoin offshoots like the Doge Killer (LEASH).
Shiba Inu Whale Sends Jitters
The popular Shiba Inu whale that turned $8000 to $5.7 billion in SHIB investments is active once again. The SHIB whale has been moving the coins to four different wallets. The move has sent jitters across the market with many fearing that the whale might sell his/her SHIB coins and crash the Shiba Inu price any time. Tom Robinson, co-founder of Elliptic, which does blockchain forensics, said:
“It looks like there were four transactions out of that account yesterday, each sending $US695 million ($939 million) of SHIB to a different account – so a total of $US2.78 billion. Whoever it is purchased the SHIB on Uniswap about a year ago, for not very much.”
In this anticipation, the SHIB coin has already witnessed a significant correction with the Shiba Inu price crashing more than 25% on the weekly charts. As of press time, SHIB is trading 10% down at a price of $0.000050 and a market cap of $11.7 billion. Besides, some other crypto proponents aren’t quite happy with the SHIB crypto. In a note last week, Bloomberg Intelligence analyst Mike McGlone wrote:
“Limiting supply, pricing the coin at extremely low decimals, timely Twitter posts and gifting Shiba Inu coins to Ethereum co-founder Vitalik Buterin are part of what captivates speculators. Shiba Inu presents a unique blend of exploitation, good marketing, ESG, supply vs. demand economics and gambling on an unprecedented 24/7 global scale, and faces reversion worthy of its parabolic rise.”
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