The famous Meme Coin Shiba Inu (SHIB) has gained tremendous popularity after it changed the fortunes of some investors. In its early days, this asset created millionaires and billionaires. Since its launch in 2020, this asset has grown by 1,596,625.49% to date. Although this growth has been witnessed in the past, this asset still has the potential to reach even higher heights. But can this meme coin rise enough for an investor to retire?
Current Market Situation of Shiba Inu (SHIB)
At the time of reporting, Shiba Inu is trading at $0.00002134. This follows a decrease of 1.16% in the past 24 hours. Over the past week, the meme coin has recorded a significant drop of 21%. This has pushed SHIB further away from its all-time high of $0.00008845.
Can You Retire with Shiba Inu?
An individual's location is the main determining factor in the amount needed for early retirement. If a person is in a country with a lower cost of living, they can retire comfortably with a net worth of $700,000. However, the same cannot be said for someone living in a wealthy country like the United States.
A CNBC article earlier this year stated that a net worth of $2 million is needed to retire in Hawaii over 25 years. An investment of $10,000 would convert into 454,545,454 SHIB at the current price. With a portfolio of 454.54 million Shiba Inu tokens, the price of SHIB would need to skyrocket to $0.0044 to exceed the $2 million retirement standard.
It should be noted that this would be an increase of 19,900% compared to the current price of $0.000021. Shiba Inu would have a market value of $2.59 trillion at a price of $0.0044. This figure would be 28.85% higher than the current market value of Bitcoin at $2.01 trillion.
According to data from Telegaon, Shiba Inu could reach this price between 2035 and 2040. While the market has to wait a long time, the general market sentiment could drive this asset.
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