The volatility of Shiba Inu (SHIB) helped make many investors millionaires in its early days, and speculations mount on whether history can repeat itself in 2024.
Launched in 2020, Shiba Inu resonated with many crypto proponents at the time, and as a memecoin that it started it returned a comparatively large return to its early backers.
Many millionaires were made with the parabolic run in the price of Shiba Inu at its peak, as it attained an All-Time High (ATH) of $0.00008845 in October 2021.
Though the token has dropped in value by more than 88%, sentiment surrounding its potential breakout remains high. The question remains: are more millionaires in view as Shiba Inu navigates the murky waters of the cryptocurrency ecosystem this year?
Shiba Inu and its Subtle Mission
Shiba Inu is arguably one of the most popular digital currencies in the world, with a price of $0.00001065 and a market capitalization of $6,274,374,225, placing it as the 17th biggest cryptocurrency.
While Shiba Inu has what it takes to generate immense embrace moving on, it is poised to get catalyzed by the potential spot Bitcoin ETF approval by the US SEC.
The likelihood to make good on its subtle mission to create more millionaires is best analyzed holistically. Notably, many models have predicted that Shiba Inu is on track to hit unprecedented price levels this year as Shibarium plays host to Decentralized Applications (DApps) that tend to attract users whose activities might place demand on SHIB.
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While the rate of growth is unlikely to replicate the massive jump recorded in its early days, early investors with large bags and new holders with sizable capital injections in Shiba Inu might see millions of dollars in return from their SHIB bet by the end of this year.
Shiba Inu’s relatively lower price makes it an attractive bet for investors looking for long-term gains.
To become a Shiba Inu millionaire u need to hold at least 100M SHIB that will cost $1000 at current prices. If Shib reaches $0.01, this $1000 investment can turn into $1M. If SHIB reaches $0.001, then 1000 investment would be worth $100K, and $1000 would turn to $10K if Shib reaches $0.0001.
Growing Shiba Inu Competition
It is worth noting that the interest in memecoins has not slowed despite the comparatively lower rate of growth of Shiba Inu, with just a 29% upsurge Year-on-Year. The slower growth pace is a testament to the spread of capital across a more varied list of memecoins.
The competition in the ecosystem is growing stronger as other attractive alternatives have recorded massive price jumps that dwarf that of Shiba Inu. In all, SHIB is growing in unique ways, and with the potential burn portal on Shibarium, the project has a unique leverage to enhance the valuation of SHIB in the long term.