Shiba Inu (CRYPTO: SHIB) is often regarded as a meme coin rather than a reliable blue-chip cryptocurrency like Bitcoin (CRYPTO: BTC) or Ether (CRYPTO: ETH). It was created as a parody of Dogecoin (CRYPTO: DOGE), which itself was a parody of Bitcoin.
However, a $100 investment in Shiba Inu at its earliest trading price in November 2020 would be worth a whopping $2.35 million today. That millionaire-making rally was driven by its early association with Dogecoin, its listings on Coinbase and Binance, Elon Musk’s tweets about Shiba Inu dogs, and the broader buying frenzy in meme coins.
Image source: Getty Images.