Tommy and James, two brothers from New York, have shared their newfound millionaire status with CNN after turning their meager investment into Shiba Inu, a Dogecoin spin-off, into an overnight fortune.
The canine coin exploded in value earlier this month. It has held onto most of its gains despite Ethereum co-founder Vitalik Buterin dumping his gargantuan stake to donate money to charity this week.
Tommy said that he treated the crypto bet as a lottery ticket:
I trusted my friend and I figured if it went to zero, that’s OK. I thought of it as a lotto ticket that wouldn’t expire.
The brothers and their family put a total of $8,000 into the meme coin.
The Shiba Inu fortune is life-changing for Tommy and James. The two wedding videographers were struggling to make ends meet during the pandemic since they were not getting enough gigs.
However, they warn against testing your luck with meme tokens:
The meme tokens are very high-risk and you really don’t know what is going to happen with them.
Dogecoin, the flagship canine meme coin, has also turned many of its holders into millionaires.
As reported by U.Today, a Goldman Sachs executive quit his job after making a killing with the token.