Shiba Inu (SHIB) has turned several early investors into multi-millionaires. The asset’s incredible rally during the 2021 bull run was one of the most lucrative in crypto history. Investors with minimal capital reaped millions in profit within months of SHIB’s launch in August 2020. The rags-to-riches stories around Shiba Inu solidified its name as a millionaire-maker. However, since its October 2021 peak, SHIB’s price has faced substantial challenges. The asset has fallen by more than 91%, and many are sitting on losses. While some are hopeful that Shiba Inu (SHIB) will return to its former glory, the journey may be more difficult than they imagine.
Has The Shiba Inu Boat Sailed? Can You Still Make It Big With SHIB?
One of the most significant catalysts for Shiba Inu’s (SHIB) incredible 2021 rally was Vitalik Buterin’s famous token burn. Buterin received half of SHIB’s supply and decided to burn 90% of the coins he received. His actions led to a massive supply dip, and prices skyrocketed soon after. Another such burn is nearly impossible. Although the team is reportedly working on a new burn mechanism, there is very little information about its workings. The team has not even announced any official launch date.
Moreover, Shiba Inu (SHIB) is a memecoin with little real-world use cases. SHIB’s popularity mainly stems from online buzz. While the project has tried to bring more utility with the launch of the Shibarium layer-2 network, very few applications are currently available on the SHIB ecosystem. The lack of utility does not help create demand.
Thirdly, Shiba Inu’s (SHIB) 589 trillion supply is a substantial barrier to its price. Small investments are unlikely to turn into millions with the current supply. Investors would need to pump larger amounts of money to make millions, given that the asset rallies.
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Despite the low chances of more rags-to-riches stories, Shiba Inu (SHIB) could still potentially give good returns in the future. With more demand and a bull market, SHIB’s price could see big gains in the future.