Shiba Inu (SHIB) experienced an exponential surge in the previous month, resulting in gains of over 50% and breaking through the $0.00001 psychological resistance level.
With this recent surge in SHIB price, investor interest has reignited, prompting traders to contemplate the investment potential of this digital token.
As a result, Finbold calculated the current value of $1,000 invested in SHIB at the beginning of 2024.
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Further technological improvements as a catalyst for SHIB growth
On February 28, Shiba Inu revealed that it is collaborating with Zama, an open-source cryptography company, to introduce a new privacy-focused network atop the Shibarium blockchain.
This network will utilize Fully Homomorphic Encryption (FHE) to enhance on-chain privacy for SHIB token holders. The initiative aims to safeguard personal and transactional data, utilizing the Shiba Inu ecosystem token treat (TREAT) to power the new privacy layer.
Shytoshi Kusama, the pseudonymous founder of Shiba Inu, clarified that this initiative is separate from Shibarium, which was launched last August and focused on financial services and gaming.
Additional updates from the development team that enhance integration, security, privacy, and other features appealing to traders can be positive catalysts for increasing SHIB adoption.
SHIB price chart
Since the beginning of 2024, Shiba Inu’s price has risen by 34.25%, climbing from $0.00001034 to $0.00001401 at the time of writing.
For much of 2024, SHIB traded below the $0.00001 mark, dropping as low as $0.0000088 by the end of January.
However, the recent surge in interest has driven its price up by 46.63% in the last 7 days alone, likely due to the revived excitement surrounding meme coins.
In addition to surging by 56.36% in the last month, its market capitalization skyrocketed by an impressive $1.97 billion in just one day, reaching $8.59 billion before retracing to the current total of $8.24 billion.
What would $1,000 invested in SHIB be worth now?
If you were one of the patient traders who held SHIB since the start of 2024, despite its numerous unsuccessful attempts to surpass the $0.00001 resistance level, you’d now be enjoying a handsome profit thanks to this meme coin.
For instance, if you bought $1,000 worth of Shiba Inu during the New Year holidays, by February 29, it would be valued at $1,342, resulting in a profit of $342 added to your investment portfolio.
Based on data from IntoTheBlock, more than 56% of Shiba Inu holders are enjoying investment gains. This marks a significant shift from September of last year when around 90% of SHIB investors found themselves in a loss position.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
