Tommy and James, two brothers residing in Westchester, New York, have turned multimillionaires after two months of staking in Shiba Inu.
The two brothers who told their story to CNN said that they have been depending on stimulus checks from the government to survive as the coronavirus pandemic crippled their business and rendered them jobless.
According to the brothers, the stimulus check from the government did not last so long, making the brothers seek for alternative sources to get money.
Tommy, 38, and James, 42 invested in the meme token nicknamed “the doge killer” with $200 each in late February. The brothers got the hint to invest in Shiba Inu when a friend told them that the ERC-20 token, which wasn’t worth a fraction of a cent, would turn out to be a very successful project that would make them millions.
“I kind of thought about Bitcoin – that was once a fraction of a penny and now it’s tens of dollars…” James made this statement before investing.
From Stimulus Check Dependency to Multimillionaires
The idea to invest in cryptocurrency was relayed by the brothers to their parents, sister and a few other relatives. Collectively, the investment the family put in the token was reported to be $7,900 and had turned out to $9 million as of Thursday.
Shiba Inu has recorded massive growth in the past few months. Over 32,929 percent increase was recorded for the meme token in the past month. Despite warnings from professional traders and exchanges like Binance, the cryptocurrency received massive acceptance as investors trudged to gather it, some making themselves millionaires in the process.