$500 Worth Of SHIB Becomes $14.5 Million Today

Shiba Inu (SHIB) has turned several people with average jobs into multi-millionaires. The asset’s incredible performance during the 2021 bull run made waves in the cryptocurrency community. SHIB’s price rallied by many million percent, turning small investments into generational wealth.

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$500 Worth Of Shiba Inu Becomes $14.5 Million

If you purchased $500 worth of SHIB on Aug. 2, 2020, the investment would have been worth $14.59 million today. Your portfolio would have risen by 2,919,776.63% (2.91 million percent). Very few crypto assets have given such massive returns.

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SHIB hit an all-time high of $0.00008616 on Oct. 28, 2021. If you sold your $500 worth of SHIB tokens when the asset was at its peak, you would have made $51.51 million. In this scenario, your investment would have risen by 10,303,317.81% (10.30 million percent).

Why Did The Asset Rally So High?

One of the most significant catalysts for Shiba Inu’s (SHIB) incredible rally in 2021 was Vitalik Buterin’s token burn. The Ethereum co-founder received half of SHIB’s supply upon launch. Buterin chose to burn 90% of the tokens he got and donate the rest to charity. Buterin’s actions caused a significant supply dip for the asset and the demand was still high. The development led to a substantial price rally for SHIB.

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There are still about 589 trillion SHIB tokens in circulation. The high circulating supply is one of the most significant barriers to SHIB’s price. If the team can undertake another massive burn, we may witness another 2021-like rally. Burns alone, however, will not lead to a price spike. According to SHIB lead developer Shytoshi Kusama, burns have to be coupled with high demand for prices to rally.