Clothing brand Hoss Co. has reportedly made a 1,500% return on a $10,000 investment in the meme-inspired cryptocurrency Shiba Inu 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 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.
