Shiba Inu (SHIB) has proven to be one of the most explosive cryptocurrencies since its launch in August 2020. Here's a look at how small investments could have turned into a fortune and what the future might hold for SHIB.
Incredible Returns on Small Investments
If you had invested just $1 every week in SHIB since its launch, you would have invested a total of $196. As of today, that investment would have grown to an astounding $5.68 million, representing an increase of 2,901,536% (2.9 million percent).
More astonishingly, if you had made a $1 investment every week until SHIB reached its all-time high of $0.00008616 on October 28, 2021, you would have invested $62. That small investment would have turned into a whopping $11.60 million, yielding a return of 18,718,732% (18.71 million percent).
Current Price and Market Challenges
SHIB had an explosive year in 2021, increasing by millions of percent in value. However, the price has struggled to regain the same momentum and is currently down nearly 80% from its 2021 peak. SHIB's current price stands at $0.00001988, up 12.63%.
The 2021 rally was fueled by various developments, including a massive burn carried out by Ethereum co-founder Vitalik Buterin. At launch, Buterin received half of SHIB's supply and decided to burn 90% of the tokens he received, leading to a significant reduction in SHIB's circulation and causing a price spike.
Future Prospects and Burning Mechanism
There are still approximately 589 trillion Shiba Inu tokens in circulation. This massive supply remains a significant barrier to the asset's price appreciation. However, the SHIB team is reportedly working on a new burning mechanism that could potentially burn trillions of tokens annually. Although no official release date has been announced, such a mechanism could lead to another significant rally for SHIB.
Can You Still Become a Millionaire with SHIB?
While the explosive growth seen in 2021 may be challenging to replicate, SHIB's future prospects are tied to the successful implementation of the new burning mechanism and broader market conditions. If the SHIB team can effectively reduce the token supply, there may be potential for significant price increases, offering another opportunity for
investors to benefit.