A long-term Shiba Inu (SHIB) holder has made headlines by transforming a modest investment of $2,625 into more than $1.1 million after holding the cryptocurrency for over three years.
Shiba Inu (SHIB), a decentralized cryptocurrency launched in August 2020 by an anonymous creator known as Ryoshi, is built on the Ethereum blockchain. Often referred to as a “meme coin” or parody cryptocurrency, SHIB features the Shiba Inu dog breed as its mascot and aims to compete with or surpass Dogecoin, branding itself as the “Dogecoin killer.”
The investor, identified by the blockchain analysis service Lookonchain, saw an extraordinary 419-fold increase on their initial investment. On 1 February 2021, the investor used 2 Ether (ETH), valued at $2,625, to purchase 48.09 billion SHIB. Recently, they sold these holdings for 278.7 ETH, equivalent to $1.1 million. The discovery of this lucrative trade was shared by Lookonchain on the social media platform X on May 27. Following this profitable sale, the trader’s wallet now holds over $1.1 million in Ether.
This significant profit-taking occurred during a surge in interest in memecoins, with the cumulative trading volume of these coins increasing by over 40% to surpass $13 billion on May 28.
In other news, the Shiba Inu team announced a major update to their decentralized finance (DeFi) platform, ShibaSwap, on May 16. This update includes porting ShibaSwap to the Shibarium blockchain, enhancing its functionality and utility. The upgrade allows ShibaSwap to operate on both the Ethereum and Shibarium networks, providing better support for creators, fostering connections, and driving innovation within the ecosystem.
The transition to Shibarium introduces several new features to ShibaSwap, improving its role as a decentralized exchange (DEX) and decentralized application (DApp) platform. Enhancements include a revamped dashboard, streamlined processes for adding and withdrawing liquidity, simplified staking, and improved tools for trend analysis. The platform now also features discovery charts for new and trending tokens, helping traders navigate market fluctuations. Additionally, the onboarding process for new tokens has been made more user-friendly.
The Shiba Inu community is encouraged to use ShibaSwap on the Shibarium blockchain, with a portion of transaction fees allocated to increasing the value of liquidity provider (LP) tokens used in swap transactions. This is expected to benefit yield farmers within the community.
Shytoshi Kusama, the lead developer of Shiba Inu, emphasized that the updated ShibaSwap offers a transformative experience for DeFi innovators on Shibarium. The redesigned platform supports community tokens and facilitates the easy porting of existing Shibarium tokens. Kusama noted that this is an early version of ShibaSwap, with further updates planned.
Shibarium is designed to enable high-speed transactions with minimal gas fees, enhancing the user experience in the blockchain space. Built on a community-first and environmentally friendly consensus mechanism, it supports the development of cost-effective protocols. This expansion enriches the Shiba Inu ecosystem, which includes the $SHIB and $LEASH tokens, SHEboshis DN-404 tokens, SHIB The Metaverse, the ShibaSwap DEX, and the Shiba Eternity game.
Featured Image via Pixabay
