Shiba Inu (SHIB) has turned many early investors into multi-millionaires and, in some cases, even billionaires. However, many new players believe they may have missed the boat with SHIB. SHIB and other memecoins, such as Dogecoin (DOGE), have taken a backseat in 2023. Despite having a major layer-2 network launch earlier this year, SHIB’s price has struggled to make significant gains. Since January, SHIB has risen by a meager 1.4%, while other cryptocurrencies, such as Bitcoin (BTC) and Solana (SOL), have rallied by over 100% and 500%, respectively.
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Despite the lackluster performance in 2023, Shiba Inu (SHIB) fans and investors are still pursuing the “one-cent dream.” If SHIB reaches the $0.01 price point, new holders could have a shot at becoming millionaires.
How much Shiba Inu (SHIB) is needed to become a millionaire at $0.01?
At $0.01, an investor would need 100,000,000 (100 million) SHIB tokens to have $1 million worth. The cost of 100 million SHIB tokens right now is about $822. If achieved, the portfolio would grow by a whopping 121,554%.
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However, the question is how Shiba Inu (SHIB) can achieve the $0.01 price level. Firstly, the project will need to reduce its supply. SHIB currently has about 589 trillion tokens in circulation. Reaching $0.01 would mean an unrealistically large market cap. The project requires a burn in the magnitude of Vitalik Buterin’s SHIB burn in 2021. Buterin received half the supply and decided to burn 90% of it. Buterin’s actions played a significant role in SHIB’s rally in 2021.
Furthermore, the project will need to increase demand. The Shibarium network could bring more real-world use cases for SHIB, thereby driving adoption. An increase in demand and a drop in supply could lead to SHIB reaching its $0.01 goal.