Shiba Inu (SHIB) is one of the best-performing assets of the last four years. Between its launch in August 2020 and hitting its all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million percent.
Early Shiba Inu (SHIB) investors became multi-millionaires and, in certain instances, even billionaires. You could have become a millionaire with SHIB by investing as little as $5 a month. If you had put $5 monthly into SHIB since its launch in August 2020, you would have invested $220 till now. However, the portfolio’s value would have skyrocketed to $9.31 million, a rise of 4,233,636% (4.2 million percent).
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However, if you had invested $5 every month till SHIB reached its all-time high in October 2021, you would have invested $75. In this scenario, the portfolio’s value would grow to $13.99 million, a rise of 18,655,517.5% (18.65 million percent).
Can you still become a millionaire with Shiba Inu (SHIB)?
SHIB is currently down by 70% from its 2021 peak of $0.00008616. However, SHIB fans and investors are pursuing much higher prices for the popular dog-themed crypto. According to CoinCodex, SHIB could hit a new all-time high of $0.00008813 on May 24, 2024. The price would translate to a growth of about 240%.
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One of the most significant barriers to SHIB’s price is its massive supply. Currently, there are about 589 trillion SHIB tokens in circulation. If the price of each token reaches very high, the project’s market cap would become unrealistically large. Hence, the team has to reduce the asset’s supply before aiming for higher prices.
The Shiba Inu (SHIB) team is working on a new burn mechanism, rumored to burn trillions of tokens yearly. If the team can successfully reduce the asset’s supply, SHIB could delete a few more zeros from its price. In such a scenario, investors could make millions in profit.