Shiba Inu (SHIB) has turned many early investors into multi-millionaires and, in some cases, even billionaires. Since its launch in August 2020 to its all-time high in October 2021, SHIB’s price spiked by over 67 million percent. However, since October 2021, the asset has been on a downward trajectory, apart from a few sporadic rallies.
If SHIB were to hit a price of $0.05, it would mean a growth of about 599420%. Although the figure is significant, it is not something the project has not achieved before.
How much Shiba Inu (SHIB) is needed to be a millionaire at $0.05?
If SHIB reaches a price of $0.05, you would need about 20,000,000 (20 million) tokens to have $1 million worth. Twenty million SHIB tokens at current rates is about $166. Hence, with just over $166, an investor can become a millionaire, given that SHIB hits $0.05.
However, the question now becomes whether Shiba Inu (SHIB) can realistically reach $0.05 or not. If SHIB achieves a price of $0.05 and its circulating supply remains at its current number of 589 trillion, the market cap would hit a whopping $29 trillion. This figure is unrealistic as it would mean the project has more money than many countries.
Hence, SHIB can only achieve a price of $0.05 if it significantly reduces its supply. The project will have to carry out a burn on the scale of Ethereum co-founder Vitalik Buterin’s SHIB burn in 2021. SHIB founder Ryoshi sent half of SHIB’s supply to the Ethereum co-founder, who decided to burn 90% of the tokens he received. Burterin’s decision played a significant role in SHIB’s massive rally in 2021.