There is no denying Shiba Inu’s (SHIB) incredible performance during the 2021 bull run. Despite its price falling significantly from its 2021 peak, SHIB is still up by massive percentage points from its launch price. The project has achieved stellar results within just four years of its debut. SHIB’s price rallied by several million percent within just a few months of launch. Early investors have reaped substantial gains with minimal investments.
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$500 In Shiba Inu Could Have Made You $51 Million
SHIB hit an all-time high of $0.00008616 in October 2021. If you had purchased $500 worth of SHIB on Aug. 2, 2020, and sold them when SHIB was at its peak, you would have made more than $51 million in profit. Your investment would have risen by 10,303,317.81 (10.30 million percent).
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On the other hand, if you had continued to hold the $500 worth of Shiba Inu (SHIB) till today, the investment would have been worth $8.47 million. In this scenario, your investment would have grown by 1,694,760.8%. Although a profit of more than $8 million is something many dream of, it is nowhere close to $51.5 million.
Why Did The Asset Rally So High In 2021?
One of the most critical catalysts for Shiba Inu’s (SHIB) incredible rally in 2021 was Vitalik Buterin’s token burn. The Ethereum co-founder was sent half of SHIB’s entire supply upon launch. Buterin chose to burn 90% of the coins he received. His actions led to a substantial dip in the asset’s supply. At the time demand was also quite high. Both developments led to a massive price rally for SHIB.
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There are still about 589 trillion SHIB tokens in circulation right now. The high circulating supply presents a substantial barrier to SHIB hitting higher price levels.