The meme coin Shiba Inu has attracted the attention of investors and crypto enthusiasts due to its impressive growth in the early stages and loyal community. However, the efforts of the "SHIB army" proved insufficient to keep the token afloat. Currently, it is trading 71.5% below its historical maximum reached in October 2021.
A massive market downturn often causes newcomers to panic and hastily sell off their assets. However, experienced traders view such events as an opportunity to build a reliable medium- to long-term portfolio and acquire the coins they are interested in at a discount.
Let's delve into how much one needs to invest in SHIB now to become a millionaire during a bull run.
Perspectives of Shiba Inu
Shiba Inu burst onto the cryptocurrency market two years ago as the "Dogecoin killer." Within a few days of its launch, the coin surged by 1500%. Such impressive dynamics sparked a flurry of speculation in the crypto community that SHIB could reach the fantastic $1 mark in the future.
Currently, the asset ranks 12th in the list of most capitalized cryptocurrencies with a market cap of $14.48 billion.
Many investors and traders understandably perceive Shiba Inu purely as a speculative asset. At first glance, this seems to be the case: the coin's price has undergone sharp pumps and dumps multiple times.
However, the Shib army remains optimistic about the long-term development of the cryptocurrency, and developers are seriously committed to implementing a plan to expand the ecosystem, aimed at shedding the label of a useless meme coin from SHIB. With the launch of Shibarium, the project entered the competitive segment of Layer 2 blockchains, currently dominated by just a couple of major players.
How Much SHIB is Needed to Become a Millionaire
To calculate the amount of SHIB one needs to purchase to become a millionaire when the price returns to its historical maximum of $0.00008616, we can use the following formula:
Amount of SHIB = Target Amount / Expected Future Price,
where:
Target Amount = $1 million
Expected Future Price = historical maximum of $0.00008616
Thus, to see $1 million in the account, one needs to acquire approximately 11,608,793,610 SHIB. At the current price of $0.00002457, the cost of the coins would be around $285,348.
However, it's important to understand that the cryptocurrency market can be extremely volatile and subject to the influence of "black swan" events. The calculations provided are based solely on current data and assumptions. Always remember to adhere to risk and money management principles and trade only with money you can afford to lose.