SHIB: How To Be A Millionaire If SHIB Hits $0.00008616 Peak?

Shiba Inu (SHIB) was among the best-performing cryptocurrencies during the 2021 bull run. Since its launch in August 2020, till it hit an all-time

Shiba Inu (SHIB) was among the best-performing cryptocurrencies during the 2021 bull run. Since its launch in August 2020, till it hit an all-time high of $0.00008616 in October 2021, SHIB’s price rallied by many million percent. Early investors made massive returns with minimal investments. The rags-to-riches stories around SHIB solidified its reputation as a “millionaire-maker.”

However, SHIB is currently down by 85% from its all-time high. The asset has struggled to gain momentum over the last few years. SHIB rallied to $0.000036 in March 2024 but has failed to generate steam over the last year.

To have a million dollars worth of SHIB at $0.00008616 per coin, you will need 11,606,313,834.73 (11.60 billion) coins. The price of 11.60 SHIB right now is about $149,489.32. If successful, your investment will grow by 568.94%.

The single most significant catalyst for SHIB’s incredible rally in 2021 was Vitalik Buterin's token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin decided to burn 90% of the coins he received. At the time, the demand for SHIB was pretty high. The dip in supply and high demand led to a substantial price spike.

There are still about 589 trillion SHIB tokens in circulation. If the team can undertake another massive burn initiative, we may witness another 2021-like rally. Burning a big chunk of the supply will not be an easy task. The team is reportedly working on a new burn mechanism that is rumored to burn trillions of tokens yearly. We do not have a launch date for the burn mechanism yet.