Shiba Inu (SHIB) has experienced tremendous success in its four short years of existence. Within its first year, the memecoin hit an all-time high, rallying by many million percent. Early investors who got a whiff of the project made millions of dollars in profit and, in some cases, even billions.
If you had invested $25 every month into SHIB, you would have put in $1150 till now. The portfolio’s value in the last four years would have grown to $34.37 million, a rise of 2,988,599% (2.9 million percent).
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If you had invested $25 every month till SHIB hit an all-time high in October 2021, you would have put in $375. Your portfolio’s value, in this scenario, would have risen to $69.9 million. This would have translated to a growth of 18,655,517% (18.6 million percent).
Can Shiba Inu still make you a millionaire?
SHIB price has faced a significant correction from its 2021 peak. The asset is down by over 77% from its all-time high of $0.00008616. There were several factors that led to the incredible rally of 2021. Firstly, the general market was in a bullish phase and most major assets were hitting new highs. Secondly, Ethereum co-founder, Vitalik Buterin burned a large number of SHIB tokens. Buterin received half of SHIB’s supply and decided to burn 90% of the tokens he received. Buterin’s decision led to a sudden dip in the token’s supply.
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There are still about 589 trillion Shiba Inu tokens in circulation. The massive supply is a major barrier to the asset’s price. If the project can reduce its supply, we may witness another 2021-ike price surge.