$9 Million Windfall from Zero with 'Meongmeongi' Coin [Correspondent Diary]

Stories of Big Wins from Crypto Investments in the US Continue
The Ethereum Founder’s Free Shiba Inu Grew to 1 Trillion Won
Warnings Persist About Junk Coin Investments Attracting Only Individuals
"We Must Not Forget Cases Where Amazon Competitors Went Bankrupt"

[Asia Economy New York=Special Correspondent Baek Jong-min] The whole world is swept up in the cryptocurrency coin frenzy. In both Korea and the United States, many people have resorted to 'Yeongkkeul'?borrowing to the max?to buy coins, judging that they cannot change their lives through stocks or real estate.

Image of the cryptocurrency Shiba Inu

Recently in the U.S., people who have made a fortune with coins frequently appear in media interviews. Let's hear the story of a pair of brothers introduced by CNN.

Tommy and James, brothers living in Westchester, New York, made a living by taking wedding photos before the COVID-19 pandemic. Although the government provided cash support to those struggling, work was extremely scarce.

The brothers' life path changed when a friend who invested in cryptocurrency recommended investing in February.

At first, each invested $200. Their mother and younger sister also invested $100 each, though reluctantly. Since it was not a large amount, they thought it wouldn't matter if they lost it.

James explained the reason for buying the cryptocurrency 'Shiba Inu': "Bitcoin was too expensive. Bitcoin was cheap at first too. So we bought a very cheap coin."

The results appeared quickly. Within a few weeks, they earned three times their investment. They decided to invest more. Now, their principal investment had grown to $8,000.

Shiba Coin Price Chart

In mid-April, while working on a rare photo shoot, the brothers realized their investment had grown to $100,000. After that, their assets began doubling every morning. James said, "I wondered if this would become $1 million." Perhaps speaking it into existence, the next day the brothers became millionaires. Coincidentally, it was their father's birthday.

Currently, the brothers and their family's investment amounts to $9 million. CNN reported that they directly verified their accounts.

This miracle happened because Shiba Coin surged 11,000% in the past month.

The brothers advised those hoping to replicate their miracle not to invest money they cannot afford to lose. James said, "Shiba Inu changed our lives, but this is not a typical case. You will probably stay up all night checking prices."

After CNN's report, U.S. media outlets rushed to cover the brothers' story. It reminded many of Keith Gill, the 'big ant' who became a millionaire from the GameStop stock surge that heated the stock market earlier this year.

The Ethereum Founder’s Story of Donating 1 Trillion Won Worth of Shiba Inu Received for Free

Shiba Inu gained even more fame when Vitalik Buterin, the founder of Ethereum, donated it to India during the COVID-19 crisis. Buterin donated 50 trillion Shiba Inu coins worth $1 billion (about 1.128 trillion won).

According to Yahoo Finance, the Shiba Inu coins Buterin donated were received for free. The Shiba Inu community jokingly gave them to Buterin. At that time, their value was incalculable. Now, Shiba Inu's market capitalization has reached $6 billion. Even so, the news of Buterin's donation caused about a 30% drop.

Recent cryptocurrency volatility has created sudden millionaires. This is thanks to new 'star' cryptocurrencies like Cardano and Internet Computer following Dogecoin.

Where there is light, there is shadow. Investors who bought Dogecoin just before Elon Musk’s SNL appearance are still facing about a 30% loss. A friend who jokingly invested $100 just before the SNL broadcast was shocked to see only $50 left the next day.

Elon Musk tweeted again about the utility of Dogecoin.

Elon Musk and Jack Dorsey Split After Supporting Bitcoin

Cracks are appearing even among cryptocurrency supporters.

Elon Musk, CEO of Tesla, announced Tesla’s suspension of Bitcoin payments, then criticized Bitcoin for consuming large amounts of energy and has been emphasizing daily that Dogecoin is an efficient cryptocurrency.

On the 15th, Musk claimed that even if Dogecoin’s trading volume increased 100 times, the transaction cost would be 1/100, so the burden remains the same. He stressed that to be used as currency on Earth, low fees and high transaction volume are necessary. While many criticize Dogecoin’s unlimited mining, Musk sees this as a strength.

Jack Dorsey, the founder of Twitter, openly expressed negative views regarding Musk's blatant criticism of Bitcoin.

Someone has risen to oppose Musk’s solo run: Jack Dorsey, Twitter founder and a passionate Bitcoin advocate.

Dorsey stated, "Bitcoin will make everything better. We will work forever to make Bitcoin better." "No single individual can stop or change Bitcoin."

Institutional Investors Prefer Bitcoin and Ethereum... What About Dogecoin and Other Altcoins?

Institutional investors mainly invest in Bitcoin and Ethereum, but individuals turn their attention to altcoins rather than the leading coins. When a coin becomes a leading coin, its price tends to stabilize. Coins worth less than one cent, even those with decimal places, are different. Even a slight price increase can significantly grow the investment. In the case of Shiba Inu, despite its tremendous surge, it still has five zeros after the decimal point. It’s hard to say what that’s worth.

Altcoins have no one to protect them. The only hope is that other individuals will come in and protect their investments. This is the so-called 'greater fool theory.'

At this point, there is advice worth noting. An investment expert warned that as many cryptocurrencies emerge, it will become increasingly difficult to distinguish them, and most altcoins will disappear like many companies did during the dot-com bubble.

His argument is as follows: Many institutional investors and banks are entering cryptocurrency trading, so the value of relatively sound 'leading coins' like Bitcoin and Ethereum can soar, but altcoins without distinctive features, which only individuals gather around, will lose their place.

The expert recalled, "Most of those who competed with Amazon have now gone bankrupt."

This content was produced with the assistance of AI translation services.