Shiba Inu (SHIB) is a popular cryptocurrency among new investors, given that the asset turned many early investors into multi-millionaires. Between its launch in August 2020 and its all-time high in October 2021, SHIB’s price rallied by many million percent.
If you had invested $1 monthly in SHIB since August 2020, you would have put in $44 till now. However, the portfolio’s value would have risen to $1.2 million. The rise in value would have translated to a growth of about 2,763,371% (2.7 million percent).
Also Read: Shiba Inu: Here is How to Be a Millionaire When SHIB Hits $0.001
Moreover, if you had invested $1 monthly in Shiba Inu (SHIB) till it hit its all-time high in October 2021, you have invested $15. However, the portfolio’s value would have skyrocketed to $2.7 million. The rise in value would have translated to a growth of 18,655,517% (18.6 million percent).
Despite the incredible gains, SHIB has been on a downward trajectory after its October 2021 peak. SHIB is currently down by nearly 75% from its 2021 peak.
Can you still become a millionaire with Shiba Inu (SHIB)?
While Shiba Inu (SHIB) remains one of the most popular cryptocurrencies in the market, the asset’s price has struggled to gain momentum of late. However, SHIB’s price movement is tethered to the larger crypto market, which is currently in a slump. SHIB has fallen 13% in the weekly charts and 19% over the previous month. The latest crypto market dip is likely due to US authorities sentencing Binance chief Changpeng Zhao (CZ) to four months in prison. CZ pleaded guilty last year to money laundering accusations.
The current market scenario aside, there is still room for Shiba Inu (SHIB) to grow. However, there are challenges along the way. One of the most significant barriers to SHIB’s price is its massive supply. The team needs to reduce the token’s supply before aiming for higher prices.
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