Shiba Inu (SHIB) has been on a downward trajectory for most of 2023. The popular dog-themed memecoin reached its highest point in February but it has undergone significant corrections after. Although the crypto markets are capitalizing on BlockRock’s Spot Bitcoin ETF filing, SHIB investors have been unable to do the same. However, the lower prices present an opportunity for new investors to become SHIB millionaires.
SHIB is currently trading at $0.00000773. Therefore, to purchase one million Shiba Inu (SHIB) tokens, an investor would only need $7.73. When SHIB was at its all-time high of $0.00008845, one would have needed $88.45. However, the asset is down by a whopping 91.01% from those levels.
A million SHIB could end up being a lucrative investment as the project has a host of updates lined up for 2023. There is a chance that Shiba Inu (SHIB) could see a rally when it launches its layer-2 network, Shibarium. Moreover, the project is also working on its metaverse initiative and a new burn mechanism. The new burn mechanism is rumored to potentially burn trillions of tokens each month, which could potentially propel SHIB’s prices to new highs.
Also Read: Shiba Inu: Will Shibarium Burn 20 Trillion Tokens Every Month?
Can you still become a millionaire with Shiba Inu?
The crypto space is full of rags-to-riches stories. This is especially true for the memecoins explosion. Shiba Inu (SHIB), like its rival Dogecoin (DOGE), has turned several early investors into millionaires.
The chances of becoming a millionaire with one million SHIB tokens are slim. This would mean that 1 SHIB would cost $1, leading the project’s market cap to reach $589 trillion, as that is the number of tokens in circulation. This is highly unlikely as the amount is higher than the major economies put together.
Also Read: Shiba Inu: Can the Moon Guide SHIB to $0.00001
$1 million translates to 129,366,106,080 SHIB tokens as of now. However, if you purchase 11,606,313,834.7 SHIB tokens at current prices, which come to around $89,716, and SHIB reaches its all-time high once again, you will become a dollar millionaire. At press time, Shiba Inu (SHIB) was trading at $0.00000773, down by 0.4% in the last 24 hours.