- • A Shiba Inu (SHIB) investor turned an initial investment of $3,800 into $123 million by selling 100 billion SHIB tokens on November 12, 2024.
- • The investor had purchased 1.528 trillion SHIB tokens on August 6, 2020, for around $3,800 and still holds 25 trillion SHIB tokens worth around $752 million.
- • The Shiba Inu team is reportedly working on a new burn mechanism that could burn trillions of tokens yearly, potentially driving another price rally like the one in 2021.
Shiba Inu (SHIB) has created enormous wealth for some of its earliest investors. As one of the most successful cryptocurrencies, SHIB’s price grew exponentially shortly after launch – turning modest investments into millions.
The Meteoric Rise of SHIB
SHIB experienced a massive price spike in 2021, just a year after launch. The asset’s price grew by many million percent during this bull run. Early investors were able to make millions in profit, solidifying SHIB’s reputation as a cryptocurrency that creates millionaires.
SHIB investors who bought the asset in the early days are still benefiting from the dog-themed cryptocurrency. According to LookOnChain, a SHIB whale recently sold 100 billion tokens for $285 million. The whale had purchased 1.528 trillion SHIB tokens back in August 2020 for only $3,800. With 25 trillion tokens still in their wallet worth around $752 million, this whale has made a total profit of about $123 million.
The SHIB Millionaire Catalysts
One major catalyst for SHIB’s monumental 2021 rally was Vitalik Buterin’s massive token burn. Buterin had received half of the total SHIB supply at launch but decided to burn 90% of his tokens – causing a huge reduction in circulating supply. This supply shock caused the price to skyrocket.
The SHIB team is reportedly working on a new burn mechanism designed to burn trillions of tokens per year. While the details are still unknown, this would significantly benefit the token’s price by further decreasing supply.
Beyond token burns, SHIB also benefits from its immense popularity and loyal community. This grassroots support could help propel SHIB to new heights. While becoming a SHIB millionaire is harder now, dedicated holders continue to reap ample rewards.
Conclusion
SHIB has already created tremendous wealth, but new developments like token burns and growing community support suggest there could be more parabolic growth ahead. With the right timing and belief in the project, more millionaires could be minted.
