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Shiba Inu coin investment turned New York brothers into multimillionaires a few months after they bet $8,000 on the 'parody' cryptocurrency, reports say

Business Insider logo Business Insider 5/15/2021 kshalvey@insider.com (Kevin Shalvey)
a cellphone on a table: The crypto bet paid off for the family. Getty © Getty The crypto bet paid off for the family. Getty

A New York family's investment of about $8,000 in Shiba Inu coin, a dogecoin spin-off, netted them a $9 million fortune in the space of a few months, CNN Business reported.

The token gained attention last week as a crypto billionaire donated $1 billion of Shiba Inu coin to help with India's COVID-19 relief.

The coin's value has grown by about 10,000% this year, according to Coinbase. It dipped about 34% after the Indian donation from Ethereum creator Vitalik Buterin was announced.

The New York family, which asked CNN Business to not use their surname, began investing with a few hundred dollars in February. They continued buying into the coin until they had about $8,000 invested, the report said.

By Thursday, the family's investment was worth "nearly $9 million" CNN Business reported, saying it had reviewed the family's crypto records.

It was a dramatic turnaround in fortunes for the brothers, who live in Westchester county and whose wedding business was nearly destroyed as a result of the COVID-19 pandemic.

Shiba Inu coin calls itself the "Dogecoin Killer," as they share the same symbol: the Shiba Inu breed.

The token was listed on India's WazirX crypto exchange last week.

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