Shiba Inu (SHIB) was among the best-performing cryptocurrencies during the 2021 bull run. Since its launch in August 2020, till it hit an all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million percent. Early investors made massive returns with minimal investments. The rags-to-riches stories around SHIB solidified its reputation as a “millionaire-maker.”
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How To Be A Millionaire When Shiba Inu Reclaims Its $0.00008616 Peak?
SHIB is currently down by 85% from its all-time high. The asset has struggled to gain momentum over the last few years. SHIB rallied to $0.000036 in March 2024 but has failed to generate steam over the last year.
To have a million dollars worth of SHIB at $0.00008616 per coin, you will need 11,606,313,834.73 (11.60 billion) coins. The price of 11.60 SHIB right now is about $149,489.32. If successful, your investment will grow by 568.94%.
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Although the rise in value is commendable, it is nowhere close to Shiba Inu’s (SHIB) 2021 rally.
Why Did The Asset Rally So High In 2021?
The single most significant catalyst for SHIB’s incredible rally in 2021 was Vitalik Buterin‘s token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the coins he received. At the time, the demand for SHIB was pretty high. The dip in supply and high demand led to a substantial price spike.
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There are still about 589 trillion SHIB tokens in circulation. If the team can undertake another massive burn initiative, we may witness another 2021-like rally. Burning a big chunk of the supply will not be an easy task. The team is reportedly working on a new burn mechanism that is rumored to burn trillions of tokens yearly. We do not have a launch date for the burn mechanism yet.