Since its launch in August 2020 as a direct competitor to Dogecoin (DOGE), the dog-inspired cryptocurrency Shiba Inu (SHIB) has risen to popularity, and now crypto traders and investors can get their hands on over 1 million Shiba Inu coins for as little as $12.
Specifically, at press time, $1 could get you 90,661 of Shiba Inu, considering that it is currently changing hands at the price of $0.00001103. Crunching the numbers, a relatively small investment of $12 would get you 1,087,932 SHIB, as per the price data retrieved by Finbold on March 6.
Shiba Inu has gone a long way since August 2020, soaring over 1,069% to its all-time high (ATH) of $0.00007924 back in late October 2021. The price has declined 86% since then, but those who have purchased SHIB before its ATH would have made a substantial profit selling it during this peak – depending on their investment.
Shiba Inu price analysis
As things stand, the current price of SHIB demonstrates a drop of 1.58% on the day, 13.98% across the week, and 13.32% in the past 30 days. However, the digital asset has accumulated a gain of 35.74% since the year’s turn, driven by the overall optimism on the crypto market.
It is also important to note that Shiba Inu is currently the 15th-largest digital asset on the market in terms of its market capitalization, which at the time of publication amounted to a whopping $6.06 billion, according to the latest CoinMarketCap information.
Could Shiba Inu make you a millionaire?
Although the numbers for Shiba Inu may look minuscule, SHIB has the potential to increase its price in the future and even make a careful investor a millionaire, although it is still a long way before reaching the likes of Bitcoin (BTC) and Ethereum (ETH) in value per unit.
By comparison, in September 2021, 1 million Shiba Inu coins could’ve been purchased for just $7, demonstrating this steady increase in price over time. Ultimately, it all boils down to carefully observing the market conditions, how much money one is willing to invest in it, as well as how much the token is worth at the time of selling.
Meanwhile, the SHIB team has been hard at work developing the highly anticipated Layer 2 network called Shibarium, and its main developer Shytoshi Kusama recently informed the public via Twitter bio that ShibaSwap was the only official decentralized exchange for the Shiba Inu and Shibarium ecosystem.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.