Shiba Inu (SHIB) made waves during the 2021 bull run. The asset’s price skyrocketed by many million percent. Early investors made millions of dollars in profit with minimal investments. Some investors even made billions. The rags-to-riches stories around SHIB solidified its status as a “millionaire-maker.”
SHIB hit an all-time high of $0.00008616 in October 2021. If you invested $10,000 in SHIB on Aug. 2, 2020, and sold it when SHIB was at its peak, you would have made $1.03 billion. Your portfolio’s value would have grown by 10,303,317.8% (10.3 million percent).
If you continued to hold till today, the $10,000 worth of SHIB would have grown to $289.44 million. Your portfolio’s value would have increased by 2,894,306.7% (2.89 million percent).
Vitalik Buterin’s enormous token burn was one of the main drivers of Shiba Inu’s (SHIB) amazing 2021 rally. 50% of SHIB’s supply was given to him at debut in 2020. Buterin decided to burn 90% of the tokens and give the remainder to a worthy cause. While demand was still high, his actions caused a dramatic drop in supply.
SHIB’s supply is one of its most significant barriers to its price. If the SHIB team can reduce the project’s supply, we could witness another big rally. The SHIB team is reportedly working on a new burn mechanism, rumored to burn trillions of tokens yearly. How the new mechanism works is yet to be known. The team has also not disclosed the upcoming burn mechanism’s launch date.