The crypto market has noted quite a swift recovery over the past day. Assets like Solana, Litecoin, Ethereum Classic ended up fetching investors double digit gains. Even Shiba Inu, the second largest meme asset, was trading in green at press time.
In just a matter of few hours, SHIB appreciated by nearly 5%. A slight pull back was registered by the asset, however, it was seen making amends at press time. On the weekly, SHIB is currently at a critical juncture, for it is being tested by its 23.6% Fib level. Despite the recent appreciation, bulls have not been able to break-past it. Only when that happens, will the doors to an incline to $0.00000937 open.
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Rags to riches tales are quite common when it comes to crypto. Meme assets like Dogecoin, Pepe Coin, have managed to turn several investors millionaires in the past. In fact, even Shiba Inu has been successful in doing so. So, can you still become a millionaire by investing in SHIB?
Prospects of becoming a SHIB millionaire
Well, there is no certain answer to that at the moment. Even though SHIB is trading with five zeros at the moment, the community continues to believe that SHIB will eventually reach 1 cent and $1 over the long term. For Shiba Inu to attain the $1 benchmark, it will have to initiate a whopping 13,209,939.6% rise [refer chart above]. Well, reaching $1 at this stage seems to be quite unrealistic.
Contrarily, to reach $0.01 the asset will have to incline by around 132,000.4% [refer chart above]. Given that SHIB is currently priced at $0.00000757, an investor will need to invest $757 currently to become a millionaire when SHIB glides up to a cent.
In terms of the number of SHIB tokens, a market participant will have to buy around 100 million tokens. So, when SHIB’s price eventually hits $0.01, the 100 million tokens will be worth $1 million, making the holder a millionaire.
However, it should be noted that even 1 cent is not essentially in sight for SHIB at the moment. Reaching such a milestone will require substantial growth and significant time. Parallelly, other factors like the market conditions, adoption, investor sentiment, overall demand, and utility of the token will also play key roles in determining the same. Thus, becoming a millionaire overnight is not a possibility.
It’s a known fact that markets are highly volatile, and sudden price movements take traders and investors aback. Crypto prices, especially that of meme coins, usually experience rapid fluctuations, making it uncertain to determine how much time will it take to attain milestones. Thus, it’s recommended to approach investments like SHIB with caution. As always, DYOR before making any investment decisions.
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