The incredible success of Shiba Inu (SHIB) has been recorded in history. This asset has made many early investors millionaires. The rags-to-riches story of SHIB cements the project's reputation as a 'millionaire maker.'
While many believe the SHIB ship has already set sail, others think there is still time to profit significantly from the dog-themed cryptocurrency. Let's discuss whether you can turn $1,000 worth of SHIB into $1 million in five years.
By 2030, can you turn $1,000 worth of Shiba Inu into $1 million?
If you buy $1,000 worth of SHIB, you will receive approximately 46,750,818.13 (46.75 million) tokens. For the 46.75 million SHIB tokens to be worth $1 million, each token must reach a price of $0.02139.
According to Telegaon's data, by 2030, the maximum trading price of Shiba Inu (SHIB) may reach $0.000712. In this case, your investment would be worth approximately $33,286.58. While the increase in value is commendable, it is far below the million-dollar mark. According to Telegaon's data, SHIB will hit the $0.021 mark sometime between 2035 and 2040.
Changelly's outlook on SHIB is more pessimistic than Telegaon's. The platform predicts that by 2030, the trading price of the dog-themed cryptocurrency may reach a maximum price of $0.000365. In this scenario, the value of your portfolio would rise to about $17,064. Here, the increase in value is impressive again, but still below the million-dollar mark. Changelly forecasts that SHIB will reach the $0.021 mark in 2040.
Will the asset price be able to reach $0.021 faster?
One of the biggest obstacles to SHIB's price increase is its enormous supply. Currently, there are approximately 589 trillion SHIB tokens in circulation. If the Shiba Inu team can conduct a massive burn, we may reach the target of $0.021 sooner than expected.
Reports suggest that the SHIB team is working on a new burn mechanism that could reportedly destroy trillions of tokens each year. If successful, we will see the birth of many new SHIB millionaires.