Shiba Inu (SHIB) is one of the most successful cryptocurrency projects. The asset experienced a massive price spike just a year after its launch. SHIB’s price grew by many million percent during the 2021 bull run. Early investors made millions of dollars in profit, solidifying SHIB’s reputation as a “millionaire-maker.”
Also Read: Trump’s Crypto Talks: Bright Future Ahead for the Market?
SHIB investors who got a whiff of the project in its early days are still reaping profits from the dog-themed cryptocurrency. According to LookOnChain, a SHIB whale sold 100 billion tokens on Nov. 12, 2024, for $2.85 million. The whale purchased 15.28 trillion SHIB tokens on Aug. 6, 2020, for about $3,800. The whale currently holds 2.5 trillion tokens worth around $75.2 million. LookOnChain highlights that the whale has made a total profit of about $123 million.
Also Read: VeChain (VET) Poised For a Bull Run?
Can You Still Become A Millionaire With Shiba Inu?
One of the most significant catalysts for SHIB’s incredible rally in 2021 was Vitalik Buterin’s token burn. Buterin received half of SHIB’s supply upon launch but decided to burn 90% of the tokens he received. Buterin’s actions led to a significant dip in the asset’s supply. A dip in supply caused the price of the token to skyrocket.
There are still about 589 trillion SHIB tokens in circulation. If the team can drastically reduce the token’s supply, we may witness another 2021-like rally. The Shiba Inu team is reportedly working on a new burn mechanism, which is rumored to burn trillions of tokens yearly. While a new burn mechanism will be greatly appreciated, we still do not have an exact launch date.
Also Read: Dogecoin: Trump Appoints Elon Musk for Role In D.O.G.E Bureaucracy
Shiba Inu (SHIB) is also one of the most popular cryptocurrencies in the market. Its popularity and loyal fan base are some of its strongest aspects that could help it climb to new heights.
Credit: Source link
