Shiba Inu coin investment turned New York brothers into multimillionaires
A New York family's investment of about $8,000 in Shiba Inu coin, a dogecoin spin-off, netted them a $9 million fortune in the space of a few months, CNN Business reported.
The token gained attention last week as a crypto billionaire donated $1 billion of Shiba Inu coin to help with India's COVID-19 relief.
The coin's value has grown by about 10,000% this year, according to Coinbase. It dipped about 34% after the Indian donation from Ethereum creator Vitalik Buterin was announced.
The New York family, which asked CNN Business to not use their surname, began investing with a few hundred dollars in February. They continued buying into the coin until they had about $8,000 invested, the report said.
By Thursday, the family's investment was worth "nearly $9 million" CNN Business reported, saying it had reviewed the family's crypto records.
It was a dramatic turnaround in fortunes for the brothers, who live in Westchester county and whose wedding business was nearly destroyed as a result of the COVID-19 pandemic.
Shiba Inu coin calls itself the "Dogecoin Killer," as they share the same symbol: the Shiba Inu breed.
The token was listed on India's WazirX crypto exchange last week.
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