On the fateful day of August 1, 2020, Shiba Inu was launched with no pomp or fanfare and remained an unknown and obscure token. The founder Ryoshi, minted SHIB with a circulating supply of 1 quadrillion tokens. He then gifted 50% of the supply to the Ethereum founder Vitalik Buterin, reducing the circulating supply to 549 trillion.
Rumors were also rife at that time that Ethereum founder Vitalik Buterin could be Ryoshi himself. Well, that’s another story to discuss, and it’s not confirmed. Getting back to the tale, Shiba Inu opened at $0.000000000056 (10 zeroes) and managed to drop a zero in September. It again added a zero by the end of 2020 and remained on the back foot in the charts.
Also Read: Are You A Shiba Inu Fan? Here’s Are 3 Alternatives
Shiba Inu: The Greatest Comeback of All Time
Right when Shiba Inu was nearing the end of 2020, signs of a rally were already showing. SHIB entered 2021 with a bigger bang and rose nearly 85,000,000 (85 million percent) between December 2020 and October 2021. The rise was so humongous that the dog-themed token became the most common name in the cryptocurrency market.
Millions of new and first-time investors were added in no time, who hoped to ride the bull. Shiba Inu deleted six zeroes in less than a year, and literally made early investors millionaires. The working-class sect made more than $1 million and resigned from their jobs to lead comfortable lives. From warehouse managers to truck drivers, and even two jobless brothers earned $1 million or more.
An investment of just $10 made in August 2020 had turned into $15.7 million in October 2021 at its peak. The money was huge, so it even outperformed Bitcoin, Ethereum, and the whole of the Nasdaq index in returns. Traders who were present at this time will live a story to tell which would seem unbelievable to the newer generation.
Credit: Source link