Shiba Inu: Can SHIB Still Make You a Millionaire?
Shiba Inu (SHIB) is one of the most looked-at crypto projects. Since its launch, to reaching an all-time high in 2021, SHIB’s price grew by a massive 8424092.55%. At press time, SHIB has increased by 1075810.31 %. In both instances, investors could have made millions or even billions, given that the initial investment was made in August 2020.
However, many worry that they may have missed the Shiba Inu (SHIB) hype train. SHIB has struggled to hold onto such hopes. Last year, the cryptocurrency fell alongside the market as a whole. During the economic crisis, SHIB plummeted by 62% as investors abandoned risky assets. This begs the question…
Can Shiba Inu still make you a millionaire?
While the economic woes continue to grip the world, the crypto industry seems to be rebounding. SHIB has grown by around 29% since January 2023.
If SHIB was to reach its all-time high once again, it would need to grow by 723.71 % from current market prices. As seen earlier, SHIB has grown by far more than triple-digit percentage figures. Moreover, with the U.S. Dollar sinking, investors expect more investments to flow into the crypto sector.
However, the biggest development which could propel SHIB prices to new heights is the launch of the project’s layer-2 network, Shibarium. Shibarium aims to lower transaction costs while increasing speeds. Moreover, the launch will lead to SHIB ceasing to be an ERC-20 token on the Ethereum blockchain, as it will have its own. As per expectations, SHIB might surpass its previous all-time high when Shibarium’s mainnet goes live.
However, if SHIB were to reach its all-time high, one would need to invest around $121,500 at current rates. A 723% increase would turn the investment into $1 million. Nonetheless, such a sizable investment into a risky asset such as SHIB, is not advisable without proper research and understanding.
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