Shiba Inu (SHIB) is an immensely popular cryptocurrency worldwide. The asset’s incredible performance during the 2021 bull run solidified its reputation as a “millionaire-maker.” SHIB’s price rose by many million percent after just a year from its launch.
Also Read: Shiba Inu: Here’s How To Be a Millionaire When SHIB Hits $0.007
Recently, the Indian government released its budget for 2024. According to the new regulations, investors have to pay a 12.5% tax on long-term capital gains, a 2.5% increase from last year, and a 20% tax on short-term capital gains, a 5% increase. Many investors were not happy with the tax hike. Some may even want to switch to risky assets, such as cryptocurrencies, to make more money.
Can Shiba Inu earn you Rs. 1 crore in 5 years?
SHIB is an incredibly popular cryptocurrency in India. In the recent WazirX hack, a majority of the assets stolen were SHIB, comprising over $100 million of the $235 million stolen.
According to the researchers at Telegaon, SHIB could hit a maximum price of Rs. 0.060 in 2030. To have Rs. 1 crore worth of SHIB at Rs. 0.060 per coin, you will need about 16,66,66,666.66 coins (16.6 crore coins). The price of 16.6 crore SHIB right now is about Rs.2,33,333.33.
Also Read: Shiba Inu: You Could Have Made $2.7 Million By Investing Just $15
Changelly is more bearish on Shiba Inu, predicting the asset to hit a maximum price of Rs. 0.018 in 2030. To have Rs. 1 crore worth of SHIB at Rs. 0.018 per coin, you will need 55,55,55,555.556 coins (55.55 crore coins). The price of 55.55 crore coins right now is about Rs. 7,77,777.77.
Despite the lucrative figures, investors should note that these are projects and may not come to fruition. The Indian government has also levied a 30% tax on gains made with crypto.
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