Early investors of Shiba Inu (SHIB) have reaped millions of dollars in profit. Many who sold early regretted their decisions and wished they held on longer. From its launch in August 2020 till reaching its all-time high of $0.00008616, SHIB’s price surged by millions of percent. However, the token has been on a downward momentum after its 2021 highs. Nonetheless, many SHIB investors and analysts anticipate the asset to regenerate steam in 2024.
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How much Shiba Inu is needed to be a millionaire at $0.001?
At $0.001, an investor would need 1,000,000,000 (1 billion) SHIB tokens to have $1 million worth. The price of 1 billion SHIB right now is about $8,220. SHIB reaching $0.001 would translate to a growth of around 12,000%. Since its launch, SHIB has grown by much more than just 12,000%. Hence, such a price rise is not something the project has not experienced before.
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However, the question now becomes when SHIB could reach $0.001. According to Changelly, SHIB won’t hit $0.001 till at least 2032. As per the analysis by Telegaon, SHIB could touch $0.001 sometime between 2030 and 2040. Therefore, investors might need to wait many years before the popular memecoin reaches its target.
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Furthermore, to reach $0.001, Shiba Inu (SHIB) needs to reduce its circulating supply. The project currently has around 589 trillion tokens in circulation. Hitting a price of $0.001 for each coin would lead to an unrealistically large market cap. However, the SHIB team has said they are working on a new burn mechanism. According to rumors, the new burn portal might remove trillions of SHIB yearly. Hence, SHIB might reach its $0.001 target much sooner than anticipated.