Shiba Inu: $65 Worth Of SHIB Becomes $1 Million Today

Shiba Inu (SHIB) is among the most successful crypto projects in the market. The asset has turned several early investors into multi-millionaires. The dog-themed crypto was conceived as a rival to Dogecoin (DOGE). SHIB has come a long way in its 4-year history. The asset has made quite a mark on the crypto industry.

$65 Worth Of Shiba Inu Becomes $1 Million Today

SHIB’s price skyrocketed during the 2021 bull run. The asset’s price ROSE by many million percent within a few months of its launch in August 2020.

If you purchased $65 worth of Shiba Inu (SHIB) on Aug. 2, 2020, the coins would have been worth $1.01 million today. Your investment would have risen by 1,554,331.31% (1.55 million percent).

SHIB hit an all-time high of $0.00008616 on Oct. 28, 2021. If you sold the $65 worth of SHIB when the asset was at its peak, you would have made $6.69 million. In this scenario, your investment would have risen by 10,303,317.81% (10.30 million percent).

What Pushed The Asset’s Price So High?

One of the most substantial catalysts for SHIB’s incredible performance in 2021 was Vitalik Buterin’s massive token burn. The Ethereum co-founder received half of SHIB’s total supply upon launch. Buterin decided to burn 90% of the tokens he received and donate the rest to charity. His actions led to a significant dip in supply while demand was still high. The move caused SHIB’s price to skyrocket by many million percent.

There are still about 589 trillion Shiba Inu (SHIB) tokens in circulation. The high circulating number is a barrier to the asset’s price. If the team can undertake another massive burn while keeping demand high, we may witness another 2021-like rally. The SHIB team is reportedly working on a new burn mechanism. We do not have much information about the new burn mechanism or when it may launch.