To own one million Shiba Inu (SHIB) dollars when the price of each token reaches $0.007, you will need approximately 142,857,142.857 (142.85 million) tokens. The current price of 142.85 million SHIB tokens is approximately $2411.42. Your portfolio value will increase by approximately 41,369%.
While the growth rate may seem extreme, it is worth noting that the price of SHIB has increased by millions of percent in its first year. From its launch in August 2020 to its all-time high of $0.00008616 in October 2021, SHIB has seen an explosive price increase. Early investors have made millions of dollars in profits, and in some cases, even billions of dollars.
The price of SHIB has been reduce more than 80% from its 2021 peak. The asset is struggling to regain its previous growth momentum.
Can you become a millionaire holding Shiba Inu?
SHIB is an extremely popular cryptocurrency among new investors looking to make a lot of money in a short period of time. The asset’s price surge in 2020-2021 is responsible for SHIB’s image as a millionaire maker. Although the asset has struggled since 2021, there may still be time to make a lot of money with SHIB.
The huge supply of Shiba Inu is one of the biggest hurdles to its price. The SHIB team is said to be developing a new burn mechanism that is expected to burn trillions of tokens every year. Investors’ efforts to target a higher valuation would be greatly aided if the team could significantly cut the asset’s supply.
Lead developer Shytoshi Kusama said that burning alone will not drive up the price of SHIB. The project also needs more adoption for the price to increase.
If the Shiba Inu supply decreases and the number of breeders increases, its price will break out in the same upward trend as in 2021.
