In the past few months, the cryptocurrency market has struggled to gain momentum. Despite sporadic rallies, most assets still face substantial resistance. Shiba INU (SHIB) follows the current market trend. The dog-themed cryptocurrency faces a 7.7% correction on the weekly charts and a 4.4% correction on the 14-day charts. The asset has also declined by 5.4% compared to last month, with a decrease of 53.6% since April 2024. SHIB’s current trading price is $0.0000123. This low price means you can purchase one million tokens for just $12.
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Source: Co Ringecko
Can You Become a Millionaire by Spending $12 on Shiba Inu?
Source: Master of Watchers
$12 will grant you one million romantic tokens today. For your investment to be worth $1 million, each token must reach the price of $1. The price of Shib needs to increase by 8,333,233.33% (83 million %). While this figure seems large, it is not something the asset has never accomplished before. During the bull run of 2021, the price of Shib surged by millions of percent.
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Although past performance of Shiba INU (Shib) has been remarkable, achieving a price of $1 in the current circulating supply is highly unlikely. Currently, there are approximately 589 trillion romantic tokens in circulation. If each token were to reach $1, the project’s market cap would hit $589 trillion. This is an extremely improbable scenario, as it would dwarf the GDPs of many developed countries.
How Could the Asset Reach $1?
In 2021, one of the key catalysts for Shib’s incredible rally was Vitalik Buterin’s massive token burn. The co-founder of Ethereum received half of the Shib supply upon launch. Buterin decided to burn 90% of the tokens he received.
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If the SHIB team can significantly reduce the project’s supply, we could witness another rally reminiscent of 2021. Each token would need to be cut from the project supply to reach $1.
