An Early Shiba Inu Investor's $8k Is Worth $5.7 Billions Now, Can They Cash Out Though?
Thousands of cryptocurrencies have been launched in the past year. One has soared meteorically to make an early investor a billionaire.
Away from the limelight that cryptocurrencies like Bitcoin and Dogecoin enjoy, a new crypto coin has been making huge gains. Known as Shiba Inu (SHIB), this little-known cryptocurrency has grown seven million percent over the past year, making one of its early investors a billionaire, Business Insider reported.
Even as the majority of the countries around the world are still undecided whether they want to accept or reject Bitcoin, the world of cryptocurrencies continues to grow and evolve. Reports suggest that a whopping 4,900 new types of cryptocurrencies were launched in the past year, taking the total number of crypto coins in the market to well over 12,000.
What's making the launch of cryptocurrencies easier is Ethereum, the open-source blockchain platform that allows users to create their own applications. However, the gain in their popularity is all thanks to the likes of Elon Musk, Jack Dorsey, and even politicians like Nayib Bukele. Shiba Inu is one such cryptocurrency that launched as a joke on Dogecoin, a cryptocurrency that Musk continues to support.