Shiba Inu (SHIB) rocked the crypto world within months of its launch. The asset’s price skyrocketed by many million percent, hitting an all-time high of $0.00008616 in October 2021. Early investors made millions of dollars in profit with minimal investments. People with regular jobs could retire and live their dreams thanks to SHIB’s incredible performance. Shiba Inu soon gained the moniker of “millionaire-maker.” However, the popular dog-themed crypto has lost significant steam over the last few years. Let’s discuss if SHIB has lost its “millionaire-maker” status.
Can Shiba Inu Still Make You a Millionaire?
One of the primary reasons for SHIB’s incredible rally in 2021 was Vitalik Buterin’s token burn. The burn was highly talked about and almost every SHIB investor knows about it. Buterin burned about 410 trillion tokens from the asset’s circulation after receiving half the supply. However, there are still about 589 trillion SHIB tokens in circulation. The high supply is a big barrier to SHIB’s price. Hitting higher prices will mean that the project’s market cap will reach unrealistic numbers. Moreover, it is highly unlikely that the project can replicate another 2021-like burn.
Shiba Inu (SHIB) also has very few use cases. The project launched the Shibarium layer-2 network in 2023, aiming to bring more utility to the SHIB ecosystem. However, very few applications and projects currently run on the Shibarium network.
Another major blow to SHIB’s price came from the gradual decline in the hype around SHIB. Memecoins are often subject to speculation. Hype is one key factor that determines a memecoin’s price action. The dip in SHIB’s hype has also led to the project losing substantial steam.
Also Read: FlitPay Makes Ambitious Shiba Inu Prediction: $0.001 in 2030
While it is still possible for Shiba Inu (SHIB) to regain its momentum, it is highly unlikely to display or replicate its 2021 performance. Given that SHIB rallies to new heights, you will need to invest a much larger sum to make a million dollars in profit, unlike the case in 2021 when people made millions with just a few thousand dollars.
