Shiba Inu (SHIB) is one of the most successful cryptocurrencies on the market. The asset has exploded during the 2021 bull run, gaining millions of percentage points. Early investors have become multimillionaires and, in some cases, billionaires.
If you had invested $1 per day since SHIB launched in August 2020, you would have invested $1,385 by now. Over the past four years, this investment has grown 1,784,369% (1.7 million percentage points) to $24.7 million today.
If you had invested $1 per day starting when Shiba Inu launched in August 2020 until it reached its all-time high of $0.00008616 in October 2021, you would have invested $453. In that scenario, your portfolio value would have risen by 20,584,592% (20.5 million percentage points) to $93.2 million.
Can you still become a millionaire with a Shiba Inu?
SHIB’s stellar performance in 2021 has earned it the reputation as the “millionaire-making token.” The asset’s price has fallen by more than 80% from its 2021 peak and has struggled to gain traction.
One obstacle to SHIB’s price increase is its huge supply. There are currently about 589 trillion SHIB tokens in circulation. When it was launched in 2020, Ethereum co-founder Vitalik Buterin received half of the supply of the asset. Buterin decided to destroy 90% of the tokens he received and donate the rest to charity. His move caused the price of the asset to surge.
If the Shiba Inu team is able to significantly reduce the number of tokens in circulation, we may see another rally like the one in 2021. The team is reportedly working on a new burn mechanism that is rumored to destroy trillions of tokens per year. As of now, we have no confirmation of the new burn mechanism or release date.
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