Shiba Inu’s (SHIB) incredible run is one for the history books. The asset’s price skyrocketed during the 2021 bull run. Early investors made millions of dollars in profit with minimal investments. People with average jobs became millionaires within a very short period. The rags-to-riches stories around SHIB solidified its status as a “millionaire-maker.”
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Just $2.5 In Shiba Inu Could Have Made You $1 Million Today
If you invested $2.5 in SHIB when the asset was at its all-time low on Nov. 28, 2020, the investment would have been worth $1.04 million today. Your portfolio’s value would have risen by 41,926,933.97% (41.92 million percent).
Source: Changelly
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If you had sold your holdings when SHIB was at its all-time high on Oct. 28, 2021, you would have made $2.91 million. In this scenario, your portfolio’s value would have risen by 116,556,166% (116 million percent).
Source: Changelly
Can You Still Become A Millionaire With The Memecoin?
One of the most significant catalysts for Shiba Inu’s (SHIB) incredible rally in 2021 was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin burnt 90% of the coins he received and donated the rest to charity. His actions led to a substantial drop in supply. SHIB’s demand was high, and the supply dip led to a drastic price spike.
Image Source: Watcher Guru
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There are still about 589 trillion SHIB tokens in circulation. The high circulating supply is a barrier to SHIB’s price. If the project can reduce its supply and increase demand, we may witness another 2021-like rally. The general market environment also needs to be bullish for SHIB to rally.
The team reportedly works on a new burn mechanism, rumored to burn trillions of tokens yearly. The team has yet to disclose the new burn mechanism’s launch date and inner workings.
