- The investor was distracted by short-term losses, after losing about $300 from his $2000 investment during the early Shib days.
- The Shiba Inu community has significantly grown during the 2022 crypto bear market as shown by the rise in total token transfers that stand at around 10.2 million.
Once a Shiba Inu investor, Damien Slash, has gone to YouTube to express his frustration after missing on a lifetime-changing investment. Reportedly, Damien was an early Shiba Inu investor but got out of his investment before the mega profits. In the video, Damien is seen in a somber mood after he learned from his friends that Shiba Inu gained more than 67 million percent after he sold his bag for about $2000.
“I just got a message from a couple of mates and they told me that Shiba Inu has gone up 67 million percent since January. At that time I put $2,000 into it and I left it for a couple of weeks. It went down and I sold it for a loss … It turns out that it would now be worth $1 billion if I hadn’t sold it. Now how to live with that?” he stated.
The trader feared losing his initial investment after Shib’s price began to dip during the early trading days.
Closer Look at Shiba Inu
The Ethereum-based memecoin, Shiba Inu, has attracted more than 1.3 million holders according to on-chain data. As the second largest meme coin with affiliation to Vitalik Buterin, Shiba Inu attracted a lot of ETH whales during the 2021 crypto pump. As a result, the token has deep liquidity and immense potential for future growth prospects.
Moreover, the Shibarium layer two (L2) launch is expected to expedite the token burn rate, which in turn helps in value addition. Currently, the bull address, which is designated for token burns, holds about 41 percent of the total Shiba Inu supply. As more Shiba Inu on-chain activity increases, the burn rate is also on the rise, which was reported to have increased by about 30,940 percent in the past 24 hours.
The Shiba Inu community has significantly grown during the 2022 crypto bear market as shown by the rise in total token transfers that stand at around 10.2 million.
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Market Outlook
The rise of Shiba Inu has inspired other meme coins in the market including $PEPE and WOJAK that made early investors millionaires. The memecoins are favorites among crypto traders with a high-risk appetite and willing to lose their initial investments. Moreover, almost all meme coins have zero real-world utility and are backed by confidence among traders.
Rug pulls have occurred in meme coins leaving holders without liquidity. Moreover, project founders tend to hold a huge amount of tokens that are pre-minted before the official token sale. As a result, crypto traders are cautioned to proceed with caution in the memecoins industry.
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