To have a million dollars worth of Shiba Inu (SHIB) when the price of each token hits $0.007, you will need about 142,857,142.857 (142.85 million) tokens. The price of 142.85 million SHIB tokens right now is about $2411.42. The rise in your portfolio’s value would be around 41,369%.
While the growth percentage may seem incredibly large, one should note that SHIB’s price had rallied by many million percent in its first year. Since its launch in August 2020, till it hit an all-time high of $0.00008616 in October 2021, SHIB witnessed an explosive rally. Early investors made millions of dollars in profit and, in some cases, even billions.
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SHIB’s price is down by over 80% from its 2021 peak. The asset has struggled to regain the same momentum as before.
Can you still become a millionaire with Shiba Inu?
SHIB is an incredibly popular cryptocurrency among new investors who want to make it big in a short amount of time. The asset’s 2020-2021 rally is to be blamed for SHIB’s image as a millionaire maker. Although the asset has struggled since 2021, there might still be time to make it big with SHIB.
The enormous supply of Shiba Inu is one of the biggest obstacles to its price. It is said that the SHIB team is developing a new burn mechanism that will allegedly burn trillions of tokens every year. Investor efforts to target higher pricing will be considerably aided if the team can significantly cut the asset’s supply.
Also Read: Shiba Inu Has Delivered $1.5 Billion Returns on $46,000 Investment
Lead developer Shytoshi Kusama has said that burns alone will not push SHIB’s price. The project will also need more adoption for prices to rally.
If Shiba Inu reduces its supply and increases adoption, its price will breakout into a 2021-like rally.