The legendary status of Shiba Inu (SHIB) among projects that have turned ordinary people into millionaires is undeniable. The astounding price surge of this asset during the 2021 bull run left many investors speechless. The price of SHIB skyrocketed by millions of percent. This surge transformed small investments into wealth for many generations.
$10 in Shiba Inu could help you earn $1 million
If you bought $10 worth of SHIB on August 2, 2020, and sold it when SHIB reached its all-time high on October 28, 2021, your investment would be worth $1.03 million. Your portfolio value would have increased by 10,303,317.81% (10.30 million percent).
The price of SHIB has dropped over 70% since its peak in 2021. If you continue to hold $10 worth of SHIB, the investment would be worth $333,048 today. In this case, your portfolio value would have increased by 3,330,382.53% (3.33 million percent).
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One of the most important catalysts for the incredible price surge of Shiba Inu in 2021 was the token burn by Vitalik Buterin. Buterin received half of the SHIB supply at launch. The Ethereum co-founder decided to burn 90% of the tokens he received. His actions led to a significant reduction in supply, causing a price explosion.
The project still has about 589 trillion tokens in circulation. The massive supply of SHIB is a significant barrier to its price. If the team can reduce the supply of the asset, we could witness another major price surge for this popular cryptocurrency.
The lead developer of Shiba Inu, Shytoshi Kusama, recently stated that burning alone will not push the asset's price up. The project also needs more acceptance and demand for the price to rise higher. If the burning is accompanied by increased demand, we could see another price surge like in 2021.