A Shiba Inu token holder who made a large investment in the memecoin in February has partially cashed out to become a stay-at-home dad.
According to a Fortune storey published on Thursday, a 35-year-old supermarket warehouse manager named Rob invested $8,000 in Shiba Inu (SHIB) when the price was about $0.0000001, resulting in an allocation of 800 billion tokens. When the token price soared to an all-time high of more than $0.00035 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 kid. Additionally, he was able to engage in online conversations regarding SHIB initiatives thanks to the cash. He intends to HODL the remainder of his tokens.
“We are very certain that there is more to achieve with Shiba,” Rob remarked. “I will never remove our complete assets from our portfolio”.
New generation of crypto millionaires
The former warehouse manager is part of a new generation of crypto users who are becoming millionaires and even billionaires. Similarly, many Bitcoin (BTC) HODLers became millionaires and billionaires during 2017 bull run. SHIB’s price is $0.000058 at the time of posting, up 5,799,999,900% from October 2020.
Some token holders who purchased the same tokens as Rob when the project was launched in August are now crypto millionaires and new whales. If holders liquidate a substantial number of tokens in the future, the SHIB price might fall, as it occurred in May.
According to CoinMarketCap, the SHIB token is the eleventh most valuable cryptocurrency, with Dogecoin (DOGE) in ninth place. SHIB has a market capitalization of $32.6 billion and over 549 trillion tokens in circulation at the time of writing.