There is no denying Shiba Inu’s (SHIB) legendary status among projects that have turned the average Joe into a multi-millionaire. The asset’s incredible rally during the 2021 bull run left many investors speechless. SHIB’s price skyrocketed by many million percent. The rally turned small investments into generational wealth.
Also Read: Amazon: Can AMZN be the 4th Company to Hit $3T Market Cap?
$10 In Shiba Inu Could Have Made You $1 Million
If you purchased $10 worth of SHIB on Aug. 2, 2020, and sold them when SHIB hit an all-time high on Oct. 28, 2021, your investment would have been worth $1.03 million. Your portfolio’s value would have risen by 10,303,317.81% (10.30 million percent).
Source: Changelly
Also Read: De-Dollarization: Countries That Are Cutting Ties With the US Dollar
SHIB’s price has fallen by more than 70% since its 2021 highs. If you had continues to hold the $10 worth of SHIB, the investment would have been worth $333,048 today. In this scenario, your portfolio’s value would have risen by 3,330,382.53% (3.33 million percent).
Source: Changelly
Can You Still Become A Millionaire With The Memecoin?
One of the most significant catalysts for Shiba Inu’s incredible rally in 2021 was Vitalik Buterin’s token burn. Burterin received half of SHIB’s supply upon launch. The Ethereum co-founder decided to burn 90% of the tokens he received. His actions led to a substantial dip in supply, causing a price spike.
The project still has about 589 trillion tokens in circulation. SHIB’s massive supply is a significant barrier to its price. If the team can reduce the asset’s supply, we may witness another massive rally for the popular cryptocurrency.
Also Read: Solana: AI Sets SOL Price For December 1, 2024
Shiba Inu’s lead developer Shytoshi Kusama recently said that burns alone will not push the asset’s price. The project also needs more adoption and demand for prices to go higher. If burns are coupled with an increase in demand, we may witness another 2021-like rally.
