Coin World News reports: Shiba Inu (SHIB) rose to fame in 2021 when the asset surged by millions of percent, reaching an all-time high. Early investors made millions of dollars in profits with minimal investments.
If you had invested $1 in SHIB every month since August 2020, you would have invested a total of $46 up until now. Over the past 3 years and 10 months, your investment would have grown to $1.5 million, an increase of approximately 3,292,889% (3.2 million%).
Source: CryptoDCA
Also read: Shiba Inu: Can SHIB reach $0.001 if 4 quadrillion SHIB is burned?
If you started investing $1 every month since August 2020 until Shiba Inu reached its all-time high in October 2021, you would have invested $15 so far. In this scenario, your portfolio value would skyrocket to $2.7 million, an increase of 18,655,517.53% (18.6 million%).
Source: CryptoDCA
Can you still become a millionaire with Shiba Inu?
Source: Pixabay
The price of SHIB has dropped significantly since its peak in 2021. The asset has dropped nearly 80% from its historical high of $0.00008616 reached on October 28, 2021.
Also read: Shiba Inu: How high can SHIB go if the market cap reaches $100 billion?
The massive supply of the project is one of the main obstacles to pricing Shiba Inu. Currently, there are 589 trillion SHIB tokens in circulation. Ethereum co-founder Vitalik Buterin’s massive burn of SHIB tokens played a significant role in the astonishing growth of SHIB in 2021. At launch, Buterin received half of the coin supply but chose to burn 90% of it. As a result of Buterin’s action, the price of SHIB surged significantly.
If another significant burn occurs, the price of SHIB may increase. The Shiba Inu team is developing a new burning mechanism that will burn trillions of tokens annually.