If you had invested $1 every week since Shiba Inu’s (SHIB) launch in August 2020, you would have put in $196 till now. In the four years since its launch. the investment would have grown to $5.68 million, a rise of 2,901,536% (2.9 million percent).
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If you had made a $1 investment every week in SHIB since its launch till it hit an all-time high of $0.00008616 on Oct. 28, 2021, you would have invested $62. In this scenario, the investment would have become a whopping $11.60 million, a return of 18,718,732% (18.71 million percent).
Can you still become a millionaire with Shiba Inu?
SHIB had an explosive year in 2021, rallying by many million percent within its first year. The asset’s price has since struggled to regain the same momentum. SHIB’s price has fallen by nearly 80% from its 2021 peak.
Also Read: Shiba Inu (SHIB) Predicted to Hit $0.001 After Ethereum ETF
Shiba Inu’s 2021 rally was fuelled by many developments. The general market was in a bullish phase and several assets were hitting all-time highs. SHIB also witnessed a massive burn undertaken by Ethereum co-founder Vitalik Buterin. Buterin received half of SHIB’s supply upon launch and decided to burn 90% of the tokens he received. Buterin’s actions led to a massive decline in SHIB’s circulation, thereby causing a price spike.
There are still about 589 trillion Shiba Inu tokens in circulation. The massive supply is a significant barrier to the asset’s price. If the project can undertake another 2021-like burn, we may witness another massive rally for the asset. The SHIB team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. We do not have an official launch date for the new burn mechanism, but it could lead to a significant price surge for SHIB.
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