Shiba Inu (SHIB) is one of the most successful cryptocurrencies in the market. The asset had an explosive run during the 2021 bull run, rallying by many million percent. Early investors turned into multi-millionaires and, in some cases, even billionaires.
If you had invested $1 every day in SHIB since its launch in August 2020, you would have put in $1,385 till now. Over the last four years, the investment would have grown by 1,784,369% (1.7 million percent) and turned into $24.7 million today.
Also Read: Shiba Inu Price Prediction: Can It Reclaim $0.00002 This Week?
If you had invested $1 daily in Shiba Inu from its launch in August 2020 till it hit an all-time high of $0.00008616 in October 2021, you would have put in $453. In this scenario, your portfolio’s value would have risen 20,584,592% (20.5 million percent) to $93.2 million.
Can you still become a millionaire with Shiba Inu?
SHIB’s outstanding performance in 2021 has earned it a reputation as a token that creates millionaires. The asset’s price has fallen by more than 80% from its peak in 2021 and has struggled to acquire traction.
Also Read: Shiba Inu: Here’s How To Be a Millionaire When SHIB Hits $0.007
One barrier to SHIB’s price is its massive supply. There are about 589 trillion SHIB tokens in circulation right now. Upon its launch in 2020, Ethereum co-founder Vitalik Buterin received half of the asset’s supply. Buterin decided to burn 90% of the tokens he received and donate the rest to charity. His actions caused the asset’s price to skyrocket.
If the Shiba Inu team can drastically reduce the token’s circulating supply, we may witness another 2021-like rally. The team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. We do not have a confirmation on the new burn mechanism or a launch date as of now.
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