Benzinga - On the morning of April 17, 2021, two brothers from Westchester, New York, woke up to the news that would change their lives forever.
What Happened: Tommy, 38, and James, 42, (name changed for anonymity) told CNN in 2021 that they had become millionaires overnight, all thanks to a meme coin that was initially created as a joke.
The brothers had decided to invest a few hundred dollars into ‘Dogecoin (CRYPTO: DOGE) killer’ Shiba Inu (CRYPTO: SHIB) coin, which is a spinoff of Dogecoin. At the time, one Shiba Inu coin was worth just a fraction of a cent. Tommy was quoted as saying, “I trusted my friend and I thought, if it went to zero, that’s okay. I saw it as a lotto ticket that wouldn’t expire.”
Taking the plunge, James and Tommy initially invested $200 each. They also shared the idea with their immediate family members, including their parents and sister. Initially skeptical, their mother and sister still invested $100 each. As the value of the Shiba Inu coin began to rise, the family saw the potential and invested an additional $100 each when it had already gained 300%. In total, they put around $8000 in SHIB.
While filming a wedding in mid-April, they kept a close eye on their investment, which had quickly surged to $100,000. And the upward trend continued.
Tommy excitedly revealed to CNN, “We woke up the next morning and it doubled. We were like, ‘Oh my god!’ Then it went up to $700,000, and I told my brother it was going to hit a million. I kept refreshing my phone.” True to his prediction, the next day, their investment reached the million-dollar mark.
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Why It Matters: As of May 14, 2021, their original stake of $7,900 was worth nearly $9 million.
In case they held onto their SHIB today they would be facing a significant loss of $5.49 million, equivalent to a decrease of 61.05%. This sharp decline is due to SHIB’s trading value dropping from $0.000019 on May 14, 2021, to 0.000007400 presently.
Read Next: Here’s How Much You Should Invest In Shiba Inu Today For A $1M Payday If SHIB Hits 1 Cent?
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