Shiba Inu is currently trading at $0.000009268 and is mostly in the red for a month in the charts. SHIB was launched in August 2020 at a modest price of $0.000000000951 and investors could accumulate trillions of tokens for cheap. From its inception to October 2021, SHIB rallied 85,000,000% (85 million percent) making early investors turn millionaires. Even an investment of $650 back in the day fetched an investor $1.7 million in late 2021.
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The dog-themed token remained the star of the cryptocurrency market generating stellar profits in 2021. However, the money-making machine came to a jolt as SHIB entered 2022 and fell into the bearish trap. The token has only moving backward since then with little to no price outbursts. Shiba Inu also added an extra zero in the charts and all hopes of making $1 million or more are down the drain.
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Shiba Inu: Can SHIB Still Make You a Millionaire?
The only thing that’s stopping SHIB from sustainably scaling up in price is the enormous supply of 549 trillion tokens. The supply is unending and mammoth making Shiba Inu’s growth stall. Even the Shibarium layer-2 solution, which was touted to burn trillions of SHIB tokens is yet to initiate burns.
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Therefore, all roads that lead to the $0.01 mark are narrow and that’s making SHIB unable to reach the price target. Investors might have to hold on for years or even decades to break even from the current price. If Shibarium does not burn trillions of tokens, the dream of turning a millionaire from SHIB can be forgotten.
The cryptocurrency market is affected by global macroeconomic factors and a bull run might not be on the cards. In conclusion, Shiba Inu making you $1 million or more in profits is currently doubtful and SHIB is not attracting buying pressure or new buyers.