What Would Happen If You Invested $100 in Shiba Inu on Its First Day?
2022-03-11 12:29:34
What Is Shiba Inu Coin Price?
As a new cryptocurrency, Shiba Inu Coin (SHIB) was created on Aug 1st, 2020 by a mysterious person named Riyoshi. With the initial circulation supply of 100 billion tokens, SHIB ended its first trading day at a paltry $0.000000000972.
However, at the time of writing, these same SHIB tokens were changing hands for $0.00002293 according to data from Gate.io, which means Shiba Inu Coins have had five zeroes eliminated after its decimal point since its first trading day, with a gain of more than 2300,000% for the past two years. As a result, if Shiba Inu Coin Buyers invested $100 into Shiba Inu Coins since its birth, he would gain a huge profit of $2.30 million now.
Interestingly, this investment has shrunk considerably from its peak. When Shiba Inu Coins hit an all-time high on Oct. 27, the earliest SHIB investors would have seen their $100 turn into nearly $9.1 million. But even after a 75% pullback, Shiba Inu Coins have brought great returns to the earliest buyers.
What Drives the Growth in SHIB Price?
There are several factors behind such enormous gains in such a short time. It is because of a confluence of these catalysts that helped to push Shiba Inu Coins. First, increased visibility played an important role in the growth of SHIB price. In fact, a good number of crypto exchanges have listed SHIB for trading, which has increased awareness of this crypto and its underlying projects. InJuly 2021, the launch of shibaswap, a decentralized exchange, helped to increase the liquidity of previously illiquid currencies and encourage staking, which had a far-reaching positive impact on the median holding time of SHIB.
Second, Shiba Inu Coins have a rapidly growing community. According to Etherscan, nearly 1.18 million unique wallets hold SHIB coins, which was one of the most searched cryptocurrencies in the United States last year. As we all know, emotion based investment and cognitive bias on social media can become powerful tools to promote the growth (or drop) of digital currency in the short term.
Third, SHIB price has a bearing on the dynamics of the cryptocurrency market. It's much more difficult to bet against a lesser-known cryptocurrency than it is to short-sell a stock or buy/sell options. Apart from Bitcoin, skeptics have no derivatives to take advantage of. Due to the fact that crypto short-selling is limited to lesser-known names like Shiba Inu, it creates something of a purchase bias.
Last, people who have bought or plan to buy Shiba Inu Coin are full of expectations for the future because Shibarium, the updated version of the blockchain, is expected to launch this year, which aims to reduce transaction costs and Shiba Inu's metaverse ambition. Also blockchain-based gaming in the Shibverse will be launched in 2023.
As a new cryptocurrency, Shiba Inu Coin (SHIB) was created on Aug 1st, 2020 by a mysterious person named Riyoshi. With the initial circulation supply of 100 billion tokens, SHIB ended its first trading day at a paltry $0.000000000972.
However, at the time of writing, these same SHIB tokens were changing hands for $0.00002293 according to data from Gate.io, which means Shiba Inu Coins have had five zeroes eliminated after its decimal point since its first trading day, with a gain of more than 2300,000% for the past two years. As a result, if Shiba Inu Coin Buyers invested $100 into Shiba Inu Coins since its birth, he would gain a huge profit of $2.30 million now.
Interestingly, this investment has shrunk considerably from its peak. When Shiba Inu Coins hit an all-time high on Oct. 27, the earliest SHIB investors would have seen their $100 turn into nearly $9.1 million. But even after a 75% pullback, Shiba Inu Coins have brought great returns to the earliest buyers.
What Drives the Growth in SHIB Price?
There are several factors behind such enormous gains in such a short time. It is because of a confluence of these catalysts that helped to push Shiba Inu Coins. First, increased visibility played an important role in the growth of SHIB price. In fact, a good number of crypto exchanges have listed SHIB for trading, which has increased awareness of this crypto and its underlying projects. InJuly 2021, the launch of shibaswap, a decentralized exchange, helped to increase the liquidity of previously illiquid currencies and encourage staking, which had a far-reaching positive impact on the median holding time of SHIB.
Second, Shiba Inu Coins have a rapidly growing community. According to Etherscan, nearly 1.18 million unique wallets hold SHIB coins, which was one of the most searched cryptocurrencies in the United States last year. As we all know, emotion based investment and cognitive bias on social media can become powerful tools to promote the growth (or drop) of digital currency in the short term.
Third, SHIB price has a bearing on the dynamics of the cryptocurrency market. It's much more difficult to bet against a lesser-known cryptocurrency than it is to short-sell a stock or buy/sell options. Apart from Bitcoin, skeptics have no derivatives to take advantage of. Due to the fact that crypto short-selling is limited to lesser-known names like Shiba Inu, it creates something of a purchase bias.
Last, people who have bought or plan to buy Shiba Inu Coin are full of expectations for the future because Shibarium, the updated version of the blockchain, is expected to launch this year, which aims to reduce transaction costs and Shiba Inu's metaverse ambition. Also blockchain-based gaming in the Shibverse will be launched in 2023.
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