Shiba Inu (SHIB) has turned several early investors into multi-millionaires. The asset’s price skyrocketed during the 2021 bull run. SHIB’s price rallied by many million percent and took the crypto world by storm. While the project has created many millionaires, let’s find out how you could have made more than $1 billion with the dog-themed crypto.
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How $10,000 In Shiba Inu Became $1 Billion
SHIB hit an all-time high of $0.00008616 in October 2021. If you purchased $10,000 worth of SHIB after its launch in August 2020 and sold them when the asset hit a peak in October 2021, you would have made $1.03 billion. Your investment would have grown by 10,303,317.81% (10.30 million percent).
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If you had continued to hold the SHIB coins till today, they would have been worth $163.20 million. In this scenario, your investment would have grown by 1,641,942.79% (1.6 million percent). Although the return in this case is spectacular, it is nowhere close to making $1 billion.
Why Did The Asset Rally So High?
The single most significant catalyst for Shiba Inu’s (SHIB) incredible run in 2021 was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s entire supply upon launch. Buterin decided to burn 90% of the coins he received and donate the rest to charity. His actions led to a substantial dip in the asset’s supply. At the time, the demand for SHIB was also quite high. The high demand and low supply led to a massive rise in SHIB’s price.
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SHIB still has about 589 trillion coins in circulation. If the team can reduce the circulating supply, the asset’s price could experience another big rally.
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