Shiba Inu (SHIB) witnessed a meteoric rise soon after its launch in August 2020. Within just one year, the token reached its all-time high. Early investors who got into SHIB when it was trading with about ten zeros after the decimal became multi-millionaires and, in some cases, even billionaires.
If you put $1000 into Shiba Inu (SHIB) in August 2020, you would have received tens of trillions of SHIB tokens. The value of the $1000 investment would have grown to a whopping $7.58 million in November 2023. The increase in the portfolio’s value translates to a growth of about 758,703%.
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However, if you had decided to sell when Shiba Inu (SHIB) reached its all-time high in October 2021, you would have walked away with an eye-watering $75.39 million. The trade would have resulted in a profit of about 7,539,215%.
Is buying Shiba Inu in 2023 a loss?
Despite the early success, Shiba Inu (SHIB) has not sustained its price after its all-time high in 2021. Moreover, since the beginning of the year, SHIB’s value has dropped by 1.73%. On the other hand, Bitcoin (BTC) has risen by over 100%, while Solana (SOL) has increased by over 200%.
If you put $1000 into SHIB on Jan. 1, 2023, the investment would be worth around $983 today. Moreover, if you had put in $1000 on Feb. 5, 2023, when SHIB had briefly rallied, the investment would be worth $540.70 today. The plunge represents a drop of about 46%.
Also Read: Shiba Inu (SHIB) Price Prediction: November 2023
Nonetheless, SHIB may begin to generate steam towards the end of this year or early next year. Many crypto analysts anticipate a bull market in early 2024, which could see the likes of SHIB reaching new highs.