Shiba Inu’s (SHIB) incredible success is one for the history books. The asset rallied by many million percent during the 2021 bull run. Early investors made millions of dollars in profit with minuscule capital. The rags-to-riches stories around SHIB solidified its name as a “millionaire-maker.”
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Just $10 Worth of Shiba Inu Could Have Made You $1 Million
If you had purchased $10 worth of SHIB on Aug. 2, 2020, and sold them when the asset was at its peak on Oct. 28, 2021, you would have made $1.03 million. Your investment would have grown by 10,303,317.81% (10.30 million percent)
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If you had continued to hold your SHIB token till today, you would have made $262.665.38. In this scenario, your portfolio’s value would have risen by 2,626,553.77% (2.62 million percent). While a return of more than $260,000 on a $10 investment is incredible, it is still short of making a million dollars.
Why Did The Coin Rally So High In 2021?
One of the most significant catalysts for SHIB’s incredible rally in 2021 was Vitalik Buterin’s token burn. The Ethereum co-founder got half of the project’s supply. Buterin decided to burn 90% of the tokens he received. His actions caused a substantial supply dip. At the time demand for SHIB was also high. Both developments led to a massive price spike.
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There are still about 589 trillion SHIB tokens in circulation. The high supply is a significant barrier to the asset’s price. If the SHIB team can undertake another significant burn, we may witness another 2021-like rally. Burns alone will not push SHIB’s price. There has to be significant demand for prices to go up.