Clothing brand Hoss Co. has reportedly made a 1,500% return on a $10,000 investment in the meme-inspired cryptocurrency Shiba Inu ($SHIB) after its owner started believing in the cryptocurrency’s future thanks to its community.
According to Gfinity Esports, the company’s owner Matthew Goldby decided to invest $4,000 of the company’s remaining $7,000 earlier this year into the meme-inspired cryptocurrency after finding out about it on Stocktwits.
The entrepreneur had held rival meme-inspired cryptocurrency Dogecoin ($DOGE) in 2019 but sold the funds before search interest for DOGE exploded ahead of a massive 10,000% price rally.
After first investing in SHIB, the company kept accumulating tokens after the market crash in May of this year, to the point it paused its advertising spend and Goldby took on Door Dash jobs to keep buying the dip. The firm stopped after investing $10,000 to buy 4.5 billion SHIB. The tokens are now worth $160,000.
The news outlet quoted Goldby as saying.
I was in Doge in summer 2019, and I fumbled the bag. With Shiba, God was like, ‘Hey, you have a second opportunity. Don’t mess it up.’
Goldby revealed he was the 500th member of Stocktwits’ SHIB community and that he saw it grow over time. Per his words, it was “the Shiba community” that made him believe in the cryptocurrency and its future. As CryptoGlobe reported the SHIB community, also known as the SHIBArmy, has moved to get the cryptocurrency listed on various exchanges, including Kraken.
A petition asking commission-free trading platform Robinhood (NASDAQ: HOOD) to list the meme-inspired cryptocurrency on its platform has seen over 550,000 people sign it in a bid to support SHIB.
In a video published on TikTok, Hoss Co. shared the performance of Shiba Inu on its portfolio, showing the investment paid off. Per Goldby, the startup was struggling to be profitable, and SHIB allowed it to take bigger risks in marketing campaigns. The company used some of its SHIB profit to pay photographers and editors, but is hesitating to touch the funds as “it’s more beneficial to hold.”
The company currently holds around 2.5 billion SHIB worth nearly $90,000. As CryptoGlobe reported, earlier SHIB became the largest altcoin holding among Ethereum’s largest whales, as these held around $1.7 billion worth of the cryptocurrency. Next to it was FTX’s FTT, followed by USDT.
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
Featured image via Pixabay