Someone turned a small investment of the memecoin Shiba Inu (SHIB) into over $1 million, according to on-chain data. 

The investor purchased around 48.1 billion SHIB on Jan. 31, 2021 for two wrapped ether (WETH) on the decentralized exchange Uniswap at a cost of around $2,700.

After holding onto the SHIB for around three-and-a-half years, the user sold it this morning when SHIB's price increased to $0.000026.

The SHIB sale was valued at $1.24 million — or a 47,592% increase of the initial investment. 

What is Shiba Inu?

Shiba Inu is a memecoin that maintains a market capitalization of $15.2 billion and a circulating supply of 589.3 trillion.

SHIB gained popularity following the success of dogecoin, both of which take inspiration from popular images of the Japanese dog …