Apparel brand Hoss Co. reportedly made a 1,500% return on a $ 10,000 investment in the cryptocurrency inspired by the Shiba Inu memes ($ SHIB) after its owner began to believe in the future of the cryptocurrency thanks to its community.
According to Gfinity Esports, company owner Matthew Goldby decided to invest $ 4,000 of the company’s remaining $ 7,000 earlier this year in the memes-inspired cryptocurrency after discovering it on Stocktwits.
The entrepreneur owned rival memes-inspired cryptocurrency Dogecoin (DOGE) in 2019, but sold the funds before research interest in DOGE exploded before a massive 10,000% price hike.
After first investing in SHIB, the company continued to accumulate tokens after the May stock market crash of this year, to the point of halting its ad spending and Goldby took on Door Dash jobs to continue buying the downside. . The company shut down after investing $ 10,000 to buy 4.5 billion SHIB. The tokens are now worth $ 160,000.
The media quoted Goldby.
I was at Doge in the summer of 2019, and I groped the bag. With Shiba, God was saying, ‘Hey, you have a second chance. Don’t waste it.
Goldby revealed he was the 500e member of the SHIB community of Stocktwits and that he has seen it grow over time. In his words, it was “the Shiba community” that made him believe in cryptocurrency and its future. As CryptoGlobe reported, the SHIB community, also known as SHIBArmy, has decided to feature the cryptocurrency on various exchanges, including Kraken.
A petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list the memes-inspired cryptocurrency on its platform has seen more than 550,000 people sign it in an effort to support SHIB.
In a video posted to TikTok, Hoss Co. shared Shiba Inu’s performance on their portfolio, showing that the investment has paid off. According to Goldby, the startup was struggling to be profitable and SHIB allowed it to take bigger risks in marketing campaigns. The company has used part of its SHIB profits to pay photographers and publishers, but is reluctant to receive the funds because “it is more beneficial to keep them.”
The company currently holds approximately 2.5 billion SHIBs worth nearly $ 90,000. As CryptoGlobe reported, SHIB became the largest holder of altcoins among Ethereum’s largest whales, as these held around $ 1.7 billion in cryptocurrency. Next to it was FTX’s FTT, followed by USDT.
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