Shiba Inu: $65 Worth Of SHIB Becomes $1 Million Today
Shiba Inu (SHIB) is among the most successful crypto projects in the market. The asset has turned several early investors into multi-millionaires. The dog-themed crypto was conceived as a rival to Dogecoin (DOGE). SHIB has come a long way in its 4-year history. The asset has made quite a mark on the crypto industry.
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$65 Worth Of Shiba Inu Becomes $1 Million Today
SHIB’s price skyrocketed during the 2021 bull run. The asset’s price rose by many million percent within a few months of its launch in August 2020.
If you purchased $65 worth of Shiba Inu (SHIB) on Aug. 2, 2020, the coins would have been worth $1.01 million today. Your investment would have risen by 1,554,331.31% (1.55 million percent).
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SHIB hit an all-time high of $0.00008616 on Oct. 28, 2021. If you sold the $65 worth of SHIB when the asset was at its peak, you would have made $6.69 million. In this scenario, your investment would have risen by 10,303,317.81% (10.30 million percent).
What Pushed The Asset’s Price So High?
One of the most substantial catalysts for SHIB’s incredible performance in 2021 was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s total 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 supply while demand was still high. The move caused SHIB’s price to skyrocket by many million percent.
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There are still about 589 trillion Shiba Inu (SHIB) tokens in circulation. The high circulating number is a barrier to the asset’s price. If the team can undertake another massive burn while keeping demand high, we may witness another 2021-like rally. The SHIB team is reportedly working on a new burn mechanism. We do not have much information about the new burn mechanism or when it may launch.
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