An investor has reportedly transformed a modest investment in the memecoin Shiba Inu (SHIB) into a staggering $1.2 million over a span of three-and-a-half years, according to on-chain data.

Purchasing approximately 48.1 billion SHIB tokens on Jan. 31, 2021, for the equivalent of two wrapped ether (WETH) on the decentralized exchange Uniswap, the investor initiated their journey with an investment of around $2,700.

After holding onto the SHIB tokens through various market fluctuations, the investor capitalized on SHIB's recent price surge, selling the tokens when their value reached $0.000026.

The sale of SHIB tokens yielded a remarkable $1.24 million, representing an astounding 47,592% increase from the initial investment.

SHIB gained significant traction following the popularity of dogecoin, with both cryptocurrencies drawing inspiration from the iconic Japanese dog breed Shiba Inu.

On April 22, the Shiba Inu team raised $12 million through a token sale for their upcoming digital asset TREAT, which will serve utility and governance functions on a new Layer 3 network. Notable investors in the token sale included Polygon Ventures, Mechanism Capital, and Big Brain Holdings.

Additionally, SHIB has emerged as one of the accepted cryptocurrency donations for Republican candidate Donald Trump's 2024 presidential campaign. Moreover, the trading platform Robinhood listed SHIB for trading for New York residents on April 24, 2024, expanding access to the memecoin.