Despite being the most famous, Dogecoin has not been the only prank virtual currency that has benefited from the rise in its price over the past few months. On the contrary, the fever for DOGE has led to the birth of multiple cryptocurrencies that, without a serious technological project behind them, aspire to share the success lived by Dogecoin. Which has allowed two brothers to become millionaires thanks to Shiba Inu, one of these joke coins.
From Dogecoin to Shiba Inu
Dogecoin’s success in the crypto market has been anything but expected. And is that, cryptocurrency has always enjoyed some fame within the crypto world, being a virtual joke currency abandoned even by its creators. However, so far its only utility was to be a technological curiosity for the crypto community, and a value in speculative trading.
This began to change since the beginning of this year when, boosted by Elon Musk’s support for the virtual currency, Dogecoin began to multiply its value exponentially. Encouraging more and more investors to enter its market, becoming one of the cryptocurrencies with the highest market capitalization in the world.
Something that, of course, encouraged other users of the crypto community to create and bet on other joke coins, hoping that they would experience increases in their price similar to those of Dogecoin. The clearest case of this being Shiba Inu, an ERC-20 token that serves as a parody of Dogecoin and that in recent weeks has seen its price skyrocket thanks to pure market speculation.
Millionaires by accident
However, the reason behind the increase in the price of Shiba Inu is of no interest to those who have benefited from it. This being the case of the American brothers Tommy and James, 38 and 42 years respectively, who decided to bet on virtual currency animated by a friend expert in cryptocurrencies, and before the fall of their wedding filming business due to the COVID-19 pandemic.
«I thought about Bitcoin, which was once a fraction of a penny and now it’s tens of thousands of dollars, and this happens to people, it’s possible. I trusted my friend and I thought if he went down to zero, he was fine. I thought of it as a lottery ticket that wouldn’t expire.». He commented that Tommy, along with his brother James, requested that his last name be kept secret.
In the end, the brothers ‘ lottery ticket has been awarded. Well, although initially the brothers and their closest relatives only invested a few hundred dollars, as the price of the virtual currency increased, they increased their stake in Shiba Inu to $ 8,000. Which, to date, are equivalent to 9 million dollars. A sample of how speculation in the cryptocurrency market can be enough to make fortunes born out of nothing, and also to dissipate them.