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Shiba Inu (SHIB) has been among the best-performing assets of the last four years. Launched in August 2020, SHIB’s price rallied by many million percent just a year later and hit an all-time high of $0.00008616 in October 2021. Early investors reaped millions of dollars in profits and solidified SHIB’s name as a millionaire-maker. The events of 2021 propelled SHIB’s popularity among new investors who wanted to make it big in crypto in a short time.
Also Read: Shiba Inu: AI Predicts SHIB Price For July 31, 2024
If you had invested $1 every month since SHIB’s launch in August 2020 till it hit an all-time high in October 2021, you would have put in about $15. The portfolio’s value would have skyrocketed by 18,655,517% (18.6 million percent) and the $15 would have become $2.79 million.
If you had continued to invest $1 every month into Shiba Inu till today, you would have put in $46 so far. The portfolio’s value, in this scenario, would have grown by 2,988,599% (2.98 million percent) and the $46 would have become $1.37 million.
Can you still become a millionaire with Shiba Inu?
There is no denying SHIB’s incredible performance in its short 4-year history. Despite the massive gains, the asset has struggled to gain momentum after its 2021 peak.
One of the most significant catalysts for SHIB’s rally in 2021 was Ethereum co-founder Vitalik Buterin’s massive SHIB burn. Buterin received half of SHIB’s supply upon launch and decided to burn 90% of the coins he received. His actions led to a sudden decline in supply, and thereby a rise in price.
Also Read: Shiba Inu: SHIB’s Price If Its Market Cap Hits $100 Billion
The Shiba Inu team is reportedly working on a new burn mechanism, rumored to destroy trillions of tokens yearly. If the team can drastically reduce SHIB’s supply, we may witness another 2021-like rally.
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