The cryptocurrency that helped two unemployed people increase their income by 11,000% is named

Editor’s note: not financial advice!

Two unemployed brothers from New York managed to turn their $ 7900 investment into $ 9 million in profit in 8 months. According to Watcher Guru, the men invested in Shiba Inu back in 2020 on the advice of a friend when the meme token first appeared on the market.

At the time, SHIB tokens were trading for a few cents, so the brothers decided to invest $ 200 each. Having found themselves out of work as a result of massive layoffs during the Covid-19 pandemic, Tommy, 38, and James, 42, hoped to find a new source of income. A week later, their $ 400 turned into $ 1200. With a 300% return, the brothers started borrowing money to continue investing.

In total, the brothers managed to invest $ 7900 in Shiba Inu, most of which was borrowed. Their investment grew by about 11,000% in eight months, and the brothers achieved a whopping $ 9 million in profits. «Oh my God, we woke up one morning and our funds had doubled. Then the profit grew to $ 700,000, so I told my brother that our wallet would reach a million. The next day, it happened. For a long time, our family didn’t believe it was real,» Tommy told CNN. For security reasons, the full names of the investors are not disclosed.

It is worth noting that along with successful investment cases, there are also failed ones. We told you about one of them at the end of January: a Canadian resident lost almost half a million dollars and put his house up for sale after becoming a victim of cryptocurrency fraud. Stephen Carr came across the attackers on YouTube, where fraudsters promised investors significant profits in one of the videos. In total, from October 2022 to January 2023, the unfortunate investor sent almost $ 500,000 to the fraudsters' accounts — all his savings.