One Shiba Inu token holder who had invested thousands of dollars in the meme coin in February 2021 has now cashed out some of his coins to become a stay-at-home dad. These funds gave him the ability to quit his job that paid him $68,000 per year.
He has now decided to stay at home to take care of his son and participate in different online discussions about the projects that are related to the meme coin.
Based on a November 4 report from Fortune, the 35-year-old supermarket warehouse manager going by the name Rob invested $8,000 into Shiba Inu (SHIB). He invested when the price was nearly $0.0000001 giving him an allocation of around 800 billion tokens.
In May 2021, when the token price exploded considerably to reach the then all-time high of over $0.00035, Rob cashed out some of his holdings to deposit $500,000 into his bank. The SHIB holder still has over $1million worth of crypto after the token’s recent massive surge in October.
These funds have enabled him to quit his job that paid $68,000 annually. He now stays at home taking care of his son and discussing SHIB projects online. He said that he plans to HODL the remaining tokens. Rob said:
“We believe so strongly that there is more to achieve with Shiba. I will never take out our entire portfolio.”
The former warehouse manager has now joined the new generation of crypto users who are achieving millionaire and billionaire status. This is happening in the same way that the Bitcoin holders did during the 2017 bull run.
At the time of writing, the SHIB price is $0.000058, having gained over 5,799,999,900% since October 2021. Some of the token holders that made similar purchases to Rob when the project was listed last August are now billionaires. They have become the new whales in the cryptocurrency space.
Nevertheless, in case the holders were to liquidate such huge numbers of tokens in the future, it might result in the price of SHIB dropping massively as it did in May. The SHIB token is now ranked as the 11th biggest crypto by market cap based on CoinMarketCap. Fellow meme coin, Dogecoin (DOGE), is sitting at ninth.
At the time of publication, the market capitalization of SHIB is nearly $32.6 billion with over 549 trillion tokens in circulation.