Saturday, July 13, 2024

SHIB lets warehouse managers retire, ushering in the next generation of crypto billionaires

Currently, as per a study by CoinMarketCap, among cryptocurrencies – judged by the size of their market capitalization, SHIB token is ranked eleventh. Placed at ninth rank is Dogecoin(DOGE). When the report was published, SHIB’s market cap was around $32.6 billion. The total number of SHIB tokens issued thus far and in circulation are 549 trillion tokens.

One token holder, only identified as Rob, recently cashed out, partially, and decided to become a stay-at-home father. Rob had invested in the memecoin. Rob, a warehouse manager, had invested $8000 in SHIB. At the time he made the investment, the price was $0.0000001. For his investment he was given 800 billion tokens. In a few months the price of the token rose rapidly to $0.000035. At this point Rob decided to partially cash out. He cashed out and received $500,000.

Even after cashing out, Rob still had crypto holdings with over a $1 million. The funds that he received after cashing out enabled him to quit his job. The job was only paying him $68,00 per annum. Rob is now able to take care of his son, stay at home, and spends time online discussing SHIB. Rob does not plan to cash the balance of SHIB holdings.

Rob is a member of a new class of millionaire and billionaire crypto investors. This is quite similar to the class of BTC millionaires/billionaires who emerged in 2017 following its bull run then. At the time the report was published the price of SHIB stood at $0.000058. In effect, SHIB has gained over 5,799,999,900% over just the last few months.

There are other investors too who, like Rob, have become billionaires and are the new whales. However, if very many investors decide to cash out such large sums, the SHIB price may fall as has happened before.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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