A warehouse worker quit his job and retired at the age of 35 after investing £6,000 in the meme-inspired cryptocurrency Shiba Inu.
Risky bets made husband and father millionaires in less than a year Luck, after the meme coin skyrocketed in price in 2021 by more than 700,000 percent.
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The former supermarket warehouse manager, who gave his name as Rob to maintain his anonymity, told the publication that he became interested in the Shiba Inu after reading the coin’s “Woofpaper” white paper.
The Woofpaper, which was written in August 2020 by Shiba Inu’s pseudonymous creator Ryoshi, describes how the cryptocurrency builds the Ethereum network to serve as both a currency and a decentralized platform for technologies such as smart contracts .
It also claims to be “an experiment in decentralized spontaneous community building”, “Shiba Inus is an incredible dog” – the same dog breed that inspired the Dogecoin cryptocurrency.
“After reading this, I was shocked. I just believed the words,” he said.
“I come from a very poor background. I could never have imagined having so much money.”
The volatility of the crypto market has meant that the Shiba Inu coin has declined significantly in price from its record high, having lost more than 40 percent of its value.
This means someone who made the same £6,000 investment at its peak last month would have less than £3,500 today.
A market report by cryptocurrency platform Luno recently noted: “Shiba Inu was among the top gainers, but it seems that some MEM token holders are starting to cash out.”
Credit: www.independent.co.uk /