Next-generation of crypto millionaires: SHIB allows warehouse manager to retire
He was able to leave his $68,000-per-year employment to stay at home with his son and participate in online conversations regarding meme coin-related initiatives thanks to the funding.
In February, a Shiba Inu (SHIB) token holder who had invested thousands of dollars in the meme coin partially cashed out to become a stay-at-home dad.
According to a Fortune piece published on Thursday, a 35-year-old supermarket warehouse manager named Rob put $8,000 into SHIB when the price was at $0.0000001, giving him 800 billion tokens. When the token price soared to an all-time high of almost $0.000035 in May, Rob cashed out a portion of his holdings and deposited $500,000 into his bank account.
Following the token’s price spike in October, the SHIB holder still owns more than $1 million in crypto. He was able to leave his $68,000-per-year job, remain at home with his son, and engage in online conversations regarding SHIB initiatives thanks to the cash. He intends to HODL the remainder of his tokens.
“We are very confident that there is more to achieve with Shiba,” Rob remarked. “I will never remove our complete portfolio from our portfolio.”
In the same way that many Bitcoin (BTC) HODLers did following the 2017 bull run, the former warehouse manager is part of a new generation of crypto users who are becoming millionaires and even billionaires. The price of SHIB is $0.000058 at the time of publication, up more than 5,799,999,900 percent since October 2020.
Some token holders who bought at the same time as Rob when the project was listed in August are now crypto billionaires and new whales. However, if holders were to liquidate such a significant amount of tokens in the future, the SHIB price could plummet, as it happened in May.
According to Report, the SHIB token is now the eleventh largest cryptocurrency by market capitalization, with Dogecoin (DOGE) ranking ninth. SHIB has a market cap of $32.6 billion and over 549 trillion tokens in circulation at the time of publication.