Shiba Inu (SHIB -5.28%) minted some millionaires after its launch on Aug. 1, 2020. The meme coin, which was created as a light-hearted parody of Dogecoin, started trading at just $0.000000000056 per token.

Its price soared to an all-time high of $0.000086 on Oct. 27, 2021, but it now trades at about $0.000024. Therefore, a $100 investment on the first day would have blossomed to $153.9 million before shrinking back to about $42.9 million today.

Shiba Inu, like many other cryptocurrencies, stumbled in 2022 as rising interest rates drove investors toward more conservative investments. But over the past 12 months, its price has more than tripled as the rates stabilized and the crypto market warmed up again. So, could it generate even more millionaire-maker gains over the next few years?

can Shiba Inu generate more millionaire-maker gains?

Analysts' price targets for Shiba Inu are all over the map, and some of those estimates are far too bullish. For example, Jason Williams and Yazan, two widely followed Bitcoin analysts, recently claimed Shiba Inu's price could hit $0.05 in a bull market. That suggested rally would turn a $500 investment into more than $1 million, all in a year or two.

But if Shiba Inu reaches a nickel per token, its market cap would hit $29.4 trillion -- making it the world's most valuable asset and surpassing the combined market cap of the Magnificent Seven stocks. That doesn't sound like a realistic target.

By comparison, Coinpedia estimates that Shiba Inu's price could reach an average price of $0.000155 by 2030. That would turn a $500 investment into about $3,200. Crypto Basic believes that if Shiba Inu grows to about 10% the size of Bitcoin and its supply remains stable, its price could eventually reach $0.00023. That rally -- which it didn't set a firm time frame for -- would turn a $500 investment into roughly $4,800. Therefore, Shiba Inu probably won't replicate its previous gains and turn a few hundred dollars into a few million dollars over the next few years. However, it could rally higher as its ecosystem expands, its supply decreases, and the crypto winter ends.