The cryptocurrency market has struggled to gain momentum over the last few months. Despite sporadic rallies, most assets continue to face substantial resistance. Shiba Inu (SHIB) follows the current market trend. The popular dog-themed crypto has faced a 7.7% correction in the weekly charts and a 4.4% correction in the 14-day charts. The asset is also down 5.4% over the previous month and 53.6% since April 2024. SHIB is currently trading at $0.0000123. The low prices mean that you can buy 1 million tokens for just $12.
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Can You Become A Millionaire With $12 In Shiba Inu?
$12 will get you 1 million SHIB tokens today. For your investment to be worth $1 million, the price of each token has to hit $1. SHIB’s price has to rally by 8,333,233.33% (8.3 million percent). While the figure may seem significantly large, it is not something the asset has not done before. SHIB’s price rallied by many million percent during the 2021 bull run.
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While Shiba Inu (SHIB) has given excellent results in the past, hitting $1 is highly unlikely with the current circulating supply. There are about 589 trillion SHIB tokens in circulation right now. If the price of each token hits $1, the project’s market cap will hit $589 trillion. This is a highly unlikely situation as it would dwarf the GDP of many developed countries.
How Can The Asset Hit $1?
One of the most substantial catalysts for SHIB’s incredible rally in 2021 was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the tokens he received.
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If the SHIB team can greatly reduce the project’s supply, we could see another 2021-like rally. The project’s supply would need to be cut by a huge portion for each token to hit the $1 mark.
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