Shiba Inu (SHIB) has turned many early investors into multi-millionaires. However, in some cases, investors have also reaped over one billion dollars. Between its launch in August 2020 and reaching its all-time high in October 2021, SHIB had surged by many million percent. Investors who held on reaped the benefits of being patient. Many who sold regretted their decision later.
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If an investor had put in $100 every week into SHIB since early August 2020 and continued to do so till the token hit its all-time high on Oct. 21, 2021, they would have invested $6,400. However, if withdrawn on Oct. 21, 2021, the portfolio’s value would have been $1.38 billion. The rise in value translates to a growth of 21.5 million percent.
Can you still be a millionaire with Shiba Inu (SHIB)?
Although the asset has turned many investors into millionaires and billionaires, many worry that they may have missed the SHIB boat. But, SHIB could still rally by many thousand percent in the future.
However, during Shiba Inu’s (SHIB) last bull run, Ethereum (ETH) co-founder Vitalik Buterin had burned half of SHIB’s supply. Upon launch, the developers sent Buterin half of SHIB’s supply. Buterin decided to burn 90% of what he received and to give the rest to charity. The massive burn played a significant role in SHIB’s 2021 rally.
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If Shiba Inu (SHIB) has to rally like it did in 2021, it needs more massive burns. The project still has 589 trillion tokens in circulation. Hence, reaching higher prices becomes difficult as the market cap would get unrealistically high. However, the developers have said they are working on a new burn mechanism, rumored to destroy trillions of tokens yearly.