Shiba Inu (SHIB) is among the best-performing cryptocurrencies of the last four years. Since its launch in August 2020, SHIB’s price has rallied by many million percent. Several early investors many millions of dollars in profit and, in some cases, even billions.
If you had invested $10 monthly into SHIB since its launch in August 2020, you would have invested $450 till now. However, your portfolio’s value would have skyrocketed to over $10 million in May 2024, a growth of over 2,265,240% (2.2 million percent).
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Moreover, if you had invested $10 monthly till Shiba Inu (SHIB) hit its all-time high of $0.00008616 in October 2021, you would have invested $150. However, in this scenario, your portfolio’s value would have risen to a whopping $27.98 million, a growth of over 18 million percent.
Can you still become a millionaire with Shiba Inu (SHIB)?
There is no questioning SHIB’s popularity. The dog-themed crypto’s stellar performance form 2020 to 2021 solidified its name as a millionaire-maker. However, the asset has struggled to gain significant momentum after its 2021 peak. Nonetheless, SHIB fans and investors are hopeful that the asset will generate steam once again.
One of the most signficant factors for Shiba Inu’s (SHIB) incredible run in 2021 was Vitalik Buterin’s massive SHIB burn. The Ethereum co-founder received half of SHIB’s supply upon its launch in 2020. However, Buterin decided to burn 90% of the tokens he received. As a consequence of the burn, SHIB’s price saw a massive spike.
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SHIB still has about 589 trillion tokens in circulation, which is one of the biggest barriers to its price. If the SHIB team can reduce the number of tokens in circulation, SHIB may witness another 2021-like rally. However, burns alone will not push the asset’s price. The project will also need significant adoption for a rally.
If both developments, a massive burn and more adoption, take place, SHIB could create many more millionaire in the future.