Shiba Inu (SHIB) is easily one of the best-performing cryptocurrencies of the last five years. If you had put $1000 in Shiba Inu (SHIB) in August 2020, the investment would have grown to more than $18 million today. According to Changelly’s ROI calculator, your capital would have risen by 1,841,652% (1.84 million percent).
Shiba Inu (SHIB) hit an all-time high of $0.00008616 in October 2021. If you had sold your $1000 worth of Shiba Inu (SHIB) tokens when the asset was at its peak, you would have made a whopping $103 million. In this scenario, your capital would have grown by 10,303,317% (10.30 million percent).
Is It Too Late To Get Into SHIB?
SHIB’s incredible 2021 rally was one for the history books. The rally was driven by high demand and Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s entire supply and decided to burn 90% of the coins he received. Buterin burned around 410 trillion SHIB tokens. The asset experienced a sudden supply dip while demand was still high. The development led to a massive price spike.
It is highly unlikely for Shiba Inu (SHIB) to conduct another 2021-like burn. There are about 589 trillion SHIB tokens in circulation right now. The high supply presents a barrier to SHIB’s price. The team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens per year. The asset could experience another big rally if the project can reduce its supply.
Also Read: Shiba Inu Early Investor Made $5.7 Billion With $12,765
Burns alone will not lead to a price bump. According to lead developer Shytoshi Kusama, there has to be significant demand for SHIB’s price to rally. The project needs to build more applications on the Shibarium network to garner more adoption. More demand is the only way for SHIB to see higher price levels.
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