Early Shiba Inu (SHIB) investors have reaped millions of dollars in profits. Moreover, some super early investors have even made over a billion dollars in returns. However, many boarded the SHIB boat much later after the “millionaire” stories went viral. Many investors began putting money into SHIB only after it hit its all-time high on Oct. 28, 2021.
If you had put $100 into Shiba Inu (SHIB) every week since its all-time high in October 2021, you would have invested $10,900. However, SHIB’s price has constantly fallen since its October 2021 highs, apart from a few sporadic rallies. The $10,900 invested would be worth about $7,763 in December 2023, a loss of around 28.7%.
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Can you still be a millionaire with Shiba Inu (SHIB)?
SHIB’s price has taken a toll since its October 2021 highs. In 2023, while other crypto projects have rallied by over 100%, memecoins, like Dogecoin (DOGE) and SHIB, have taken a back seat. However, fans and users still pursue the “one-cent dream.”
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If Shiba Inu (SHIB) reaches a price of $0.01, it would translate to a growth of over 100,000%. Moreover, such growth is not something SHIB has not achieved before. From its launch in August 2020 to its all-time high in October 2021, SHIB’s price grew by many million percent. Hence, the project can grow 100,000% in the future.
However, the team will need to reduce the token’s supply. Ethereum co-founder Vitalik Buterin had received half of SHIB’s supply after its launch. Buterin decided to burn 90% of the tokens he received. Buterin’s actions played a part in SHIB’s price rallying in 2021. The Shiba Inu (SHIB) team will need to carry out a burn of a similar magnitude if SHIB has to rally 100,000%.