$100 Worth Of SHIB Becomes $2.8 Million Today

There is no denying the fact that Shiba Inu (SHIB) has made quite an impact on the cryptocurrency industry. The dog-themed crypto has come a long way in its four-and-a-half-year history. Within its first year of launching, SHIB’s price skyrocketed by many million percent. Early investors made millions of dollars in profit with minimal investments.

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$100 Becomes $2.8 Million Today

If you had purchased $100 worth of Shiba Inu (SHIB) on Aug. 2, 2020, and held on till today, the investment would have been worth $2.87 million. Your portfolio’s value would have risen by 2,879,899.48% (2.8 million percent).

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SHIB hit an all-time high of $).00008616 on Oct. 28, 2021. If you had sold your holdings when SHIB was at its peak, the $100 investment would have become $10.3 million. In this scenario, your investment would have grown by 10,303,317.8% (10.3 million percent).

Why Did Shiba Inu Rally In 2021?

The cryptocurrency market witnessed a historic rally in 2021. Most assets hit new all-time highs during the 2021 bull run. The positive market environment made it possible for SHIB to rally by many million percent.

The bull run along was not responsible for SHIB’s incredible performance. One of the most significant catalysts for SHIB’s 2021 rally was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the tokens he received and donate the rest to charity. His actions led to a significant dip in the asset’s supply while demand was high. The development caused a massive price spike for SHIB.

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There are still about 589 trillion SHIB tokens in circulation. If the team can drastically reduce SHIB’s supply, we may witness another 2021-like rally. The burns alone will probably not lead to a price spike. There has to be substantial demand to drive the asset’s price.