Shiba Inu (SHIB) is undoubtedly one of the best-performing cryptocurrencies in the past five years. If you invested $1,000 in Shiba Inu (SHIB) in August 2020, that investment would now be worth over $18 million. According to Changelly's ROI calculator, your investment would have grown by 1,841,652% (1,841,652 basis points).
In October 2021, the price of Shiba Inu (SHIB) reached an all-time high of $0.00008616. If you sold $1,000 worth of tokens at the peak price of Shiba Inu (SHIB), you would have made up to $103 million in profit. In this case, your investment would have grown by 10,303,317% (103,033.17%).
Is it too late to join SHIB?
SHIB's astonishing surge in 2021 is recorded in history. This surge was driven by high demand and Vitalik Buterin's massive token burn. The Ethereum co-founder received half of SHIB's total supply and decided to burn 90% of it. Buterin burned about 410 trillion SHIB tokens. With demand still strong, SHIB's supply suddenly decreased. This move led to a significant price spike.
Shiba Inu (SHIB) is unlikely to see a similar burn like in 2021 again. Currently, there are about 589 trillion SHIB tokens in circulation. The high supply poses a barrier to SHIB's price. Reports state that the team is exploring a new burn mechanism, rumored to burn trillions of tokens annually. If the project can reduce its supply, SHIB's price may rise significantly again.
Simply destroying alone cannot drive up prices. According to chief developer Shytoshi Kusama, the price of SHIB must have huge demand to increase. The project needs to build more applications on the Shibarium network to gain more use. Only with increased demand can SHIB achieve higher price levels.
