🐶 A #ShibaInu holder earned over $1 million by holding the meme coin for more than three years

On January 31, 2021, he bought 48 billion #SHIB for $2700 on #Uniswap. Yesterday, the trader sold all the coins for $1.24 million.

The investment growth amounted to 47 592% 🚀

#TraderStories

🐶 #Dogecoin and #ShibaInu are pioneer cryptocurrencies in the world of #memecoins. Their popularity can be attributed to several factors

Firstly, they were launched as alternatives to serious and complex financial instruments, which is what cryptocurrency seemed like at the time. These memecoins essentially made a statement to the entire industry: "Hey! You don’t have to be a cool programmer or understand blockchain to be part of the crypto community." Secondly, memecoins were powerfully and actively promoted on social media through (surprise) memes. Memes are the primary form of content with the highest viral potential (attractiveness for reposts). And let's not forget about Elon Musk.

Thanks to Musk's support, Dogecoin turned into a serious cryptocurrency asset with high market capitalization. Tweets aside, the controversial billionaire even promoted this cryptocurrency on Saturday Night Live, while simultaneously poking fun at it. A similar story happened with Shiba Inu, which was launched as the "Dogecoin killer"—a meme competitor to the popular meme (hard to grasp, but try)—and also gained support on social media.

It can now be said with confidence that meme culture is becoming an increasingly strong and widespread trend in the crypto industry, replacing #ICO and #NFT. Memes attract, create active communities around them, and can cause significant market fluctuations. By leveraging all this, memecoins have successfully drawn the attention of a broad audience and demonstrated that even a non-serious project can achieve significant heights.

How do you feel about memecoins? 🤔