Shiba Inu (SHIB) had an incredible run in 2021. The asset’s price rallied by many million percent. Early investors made millions of dollars in profit and, in some cases, even billions. The rags-to-riches stories solidified SHIB’s status as a “millionaire-maker.” People with average jobs became overnight millionaires. These stories skyrocketed SHIB’s popularity, especially among new and young investors.
Also Read: Ripple (XRP) Receives Final Approval From NYDFS For RLUSD
Here’s How People Made $1 Billion With Shiba Inu
If you purchased $10,000 worth of SHIB on Aug. 2, 2024, and sold them when the asset peaked on Oct. 28, 2021, your investment would have risen to around $1.03 billion. Your portfolio’s value would have increased by 10,303,317.81% (10.30 million percent).
Also Read: BRICS: Expert Says Nations Will Eventually Ditch US Reserves for Bitcoin
If you continued to hold the $10,000 worth of SHIB, it would have been worth about $353 million. In this scenario, your portfolio’s value would have risen by 3,529,916.61% (3.52 million percent).
Can You Still Become A Billionaire With The Memecoin?
If you purchase $10,000 worth of SHIB tokens today, you will receive about 371,057,513.915 coins (371.05 million). For 371.05 million coins to be worth $1 billion, the price of each coin has to reach about $2.70.
For Shiba Inu (SHIB) to reach $2.70, its price has to rally by 10,018,452.88% (10.01 million percent). The required rally is similar to SHIB’s rally during the 2021 bull run.
One of the most significant barriers to SHIB’s price is its massive supply. There are about 589 trillion SHIB tokens in circulation. If each token hits $2.70, the project’s market cap will reach unrealistically large figures.
Also Read: Is Coinbase Trustable?
For Shiba Inu (SHIB) to reach $2.70, the project’s circulating supply has to go down. A similar factor was responsible for the 2021 bull run. Vitalik Buterin received half of SHIB’s supply upon launch. The Ethereum co-founder decided to burn 90% of the tokens he received. Buterin’s actions led to a significant supply dip and a price spike.
