Although the majority of the cryptocurrency market has been stagnating in the past few days, the price of Shiba Inu (SHIB) has consistently grown, adding up to the increase of over 25% since the year’s turn, leaving investors to wonder whether it is possible to get rich on the dog meme cryptocurrency.
As it happens, one of the most prominent developments factoring in its strengthening is the upcoming launch of Shibarium, a layer 2 blockchain that aims to transform Shiba Inu from a meme coin into an ecosystem featuring a decentralized exchange (DEX), a metaverse, and blockchain games.
In this context, some finance experts predict a greater interest and adoption of SHIB, thereby increasing its demand and giving it a notable boost in the short term, whereas others believe it has the potential to reach a new all-time high (ATH) following the deployment of Shibarium.
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Road to millionaire
As a reminder, SHIB reached its previous ATH on October 28, 2021, when it was trading at the price of $0.00008191. Should history repeat itself and Shiba Inu, indeed, manages to reach this ATH again, investors holding 12,208,521,548 SHIB could call themselves millionaires.
Taking into account the price of SHIB at press time, which is currently 88.05% lower than the ATH, this amount of the dog meme crypto asset would presently cost around $126,969 to buy, provided that an investor is starting off at zero SHIB holdings.
SHIB price analysis
In the meantime, Shiba Inu is changing hands at the price of $0.0000104, down 2.27% in the last 24 hours but still showing an increase of 14.79% across the previous seven days and a 27.3% gain on its monthly chart, according to the recent information on August 15.
All things considered, SHIB’s ability to rise and possibly even break its previous record and make one a millionaire will depend on the ecosystem’s further developments, the laws of supply and demand, as well as the sentiment on the wider crypto and macro stage.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
