You know a cryptocurrency has reached a whole new pinnacle when it features its own hard fork or spin-off coin. In bitcoin’s case, there are several assets that stem from its technology such as Bitcoin SV (BSV), bitcoin cash (BCH) and Litecoin (LTC). Now, it looks like Dogecoin – a cryptocurrency that was never designed to be taken seriously – has its own alternate currency known as Shiba Inu coin, and some people have already become millionaires thanks to early investments.
Shiba Inu Coin Is Really Moving Forward
The currency gets its name from the mascot that has been featured as the face of Dogecoin since it first arrived at the crypto scene eight years ago. As a joke or meme coin, Dogecoin was designed initially to make fun of cryptocurrency and its fans, but it has since garnered a huge reputation and has skyrocketed in price and value to become the world’s fourth largest digital asset by market cap. Who would have thought?
Either way, it looks like Shiba Inu coin is the first derivative of Dogecoin, and while still extremely new, the asset has already made some serious headway in the digital currency industry. One New York family is now comprised of millionaires, and it is largely due to the success of the coin. After investing just over $8,000 into the asset, the family has seen this initial investment spike to about $9 million at press time.
In addition, a crypto billionaire has ultimately donated more than $1 billion of Shiba Inu coin to a COVID relief fund in India. Thus, the currency appears to be garnering a heavy amount of attention as of late.
This year, Shiba Inu’s value has skyrocketed and grown by more than 10,000 percent, making it one of the largest and fastest-expanding digital assets known to man. The New York family is remaining anonymous at the time of writing, as they do not want to garner unwanted publicity. However, they have mentioned that they made their investment in Shiba Inu coin last February, and then continued to purchase the asset until they had spent more than $8,000.
For some, such a move would have been foolhardy. To invest nearly $10K into an entirely new coin which could potentially fall or fail at a moment’s notice – as many new digital assets do – would have been too risky for some, but for this family, the investment has seemingly paid off.
A Final Stand…
The family owns a wedding business in the Big Apple. In a private interview, they revealed that their business was in the tank following the coronavirus pandemic, and that they were set to pull the plug prior to the investment. Thus, this was a last resort for everyone involved.
Shiba Inu coin was listed on India’s cryptocurrency exchange Wazir X early last week.