This dog-themed meme coin is competing for Best in Show.
Although Shiba Inu (SHIB -2.44%) has been on a tear so far this year, investors shouldn't take the meme token too seriously. A dog inspired its name, after all. However, the cryptocurrency's impressive $16 billion market cap is no joke.
The meme investing craze a few years back turned modest investment into millions -- life-changing wealth for some.
Today, Shiba Inu is back to near its highest prices since the bubble started to burst in 2021, with a gain of about 250% in 2024 (as of April 12).
Can Shiba Inu still deliver serious investment returns? Here is what you need to know.
Shiba Inu isn't catching anyone off guard
Shiba Inu was created in 2020 as an experiment to foster an online community. You could say that's been a success. Shiba Inu has become very recognizable in the broader cryptocurrency landscape, primarily for its Shiba Inu logo, which many investors associate with fun and speculative investment behavior.
A gigantic circulating supply of just over 589 trillion tokens dilutes the per price to fractions of a penny. One Shiba Inu token is worth about $0.000024. Ironically, that's a big increase from where Shiba Inu initially traded. To date, the token has appreciated about 2,000,000%. That's enough to turn $100 into $2 million. So yes, Shiba Inu once had millionaire-making potential.
However, Shiba Inu is much better known these days, which could limit the future upside in the price. Shiba Inu's market cap is currently about $14 billion, down from $39 billion at its peak in 2021. In other words, Shiba Inu can only double or triple without going into some seriously new territory value-wise. Investors won't get very far with small amounts of capital without the exponential gains Shiba Inu once had.
The unserious nature of the coin wards off serious investments
The problem is that everyone knows Shiba Inu isn't a practical, real-world asset. It embodies speculative behavior. The vast majority of people put a small amount of money into it, and hopefully, the price gets hot, and they make a quick buck. About 90% of holders own less than $1,000 of Shiba Inu, and 98% hold $100,000 or less. It's not an investment reasonably risk-averse investors will put serious money into.
That creates a problem for those hoping to strike it rich off Shiba. It's unlikely to grow exponentially again anytime soon, and it doesn't make sense to put enough money into it that a double or triple would create life-changing returns. You're better off focusing your investment strategy on blue chip stocks and cryptocurrencies.
Is Shiba Inu a millionaire maker?
Shiba Inu was once a millionaire maker. Its huge gains since its introduction exceed the returns of almost any other investment. But Shiba Inu isn't sneaking up on anyone anymore. It's well known, and the chances of it repeating comparable gains are minimal at best.
The coin runs on the Ethereum network, so if you want to invest in Shiba Inu for its technological features, consider owning Ethereum instead.
Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Ethereum. The Motley Fool has a disclosure policy.
FAQs
To date, the token has appreciated about 2,000,000%. That's enough to turn $100 into $2 million. So yes, Shiba Inu once had millionaire-making potential. However, Shiba Inu is much better known these days, which could limit the future upside in the price.
Can Shiba Inu still make you a millionaire? ›
Shiba Inu's market cap is currently about $14 billion, down from $39 billion at its peak in 2021. In other words, Shiba Inu can only double or triple without going into some seriously new territory value-wise. Investors won't get very far with small amounts of capital without the exponential gains Shiba Inu once had.
How many millionaires were made with Shiba Inu? ›
Shiba Inu: 2 Investors Turn Millionaires in 8 Months After Buying SHIB.
Will Shiba Inu ever reach 1 dollar? ›
The possibility of reaching $1 seems impossible, given the current supply of more than 589 trillion tokens. Instead, a $0.01 cent price goal appears more realistic for Shiba Inu's future. However, even reaching $0.01 from the current price will require significant token burns as well as more utility for the SHIB token.
Will Shiba Inu coin reach 25 cents? ›
Shiba Inu reaching the 25 Cents mark needs a robust and massive push in its market cap. SHIB's market cap is near $15 billion today and needs to scale up phenomenally to even consider reaching $0.25. While the market cap seems unrealistic, it's not impossible to achieve in the future.
Did anyone get rich off Shiba Inu coin? ›
And indeed, there are some crypto investors who did become incredibly wealthy by investing in the meme coin.
Will SHIB ever hit a penny? ›
Unfortunately, no leading price prediction firms have predicted a tentative timeline for Shiba Inu to reach the $0.01 milestone. The highest they have predicted is a price target of $0.0001 and that too after this decade in 2030. Even leading analytical firms remain clueless about when SHIB could reach the 1 Cent mark.
How much would I make if shiba hits 1 cent? ›
Similarly, with an investment of $845, you could make $1 million if SHIB reaches $0.01. An investment of $845 at the current price of $0.0000845 would get you 100 million SHIB. Therefore, if you hold on to the 100M tokens and SHIB price surges to $0.01, your $845 investment today could turn into $1 million.
Who owns the most Shiba Inu? ›
The largest holder of Shiba Inu is a dead wallet containing 41% of the SHIB supply, a result of a burn by Ethereum co-founder Vitalik Buterin.
How many SHIB coins need to be burned to reach $1? ›
In conclusion, it would take 98 years for Shiba Inu to achieve $1, even if Shibarium burns 3 trillion SHIB tokens annually. It's just not feasible during our lifetimes. But Shiba Inu won't have any chance of reaching $1 before our lifetimes unless Shibarium is able to burn over 100 trillion tokens annually.
Which crypto will hit the $1 value next? Pikamoon holds the greatest potential as the next crypto to reach one dollar milestone. Supported by a fully doxed team of professionals, PIKA acts as the native token for Pikamoon, a forthcoming P2E game.
What will Shiba be worth in 2050? ›
Shiba Inu Price Prediction 2050
Shiba Inu's highest trading price in 2050 is expected to be about $0.0084. According to our calculations, Shiba Inu might reach an average price of $0.0077 by 2050. Shiba Inu may also face short downturns, with the minimum price level hanging around $0.0074.
Could SHIB reach 50 cents? ›
⚡️Will Shiba Inu Coin Reach 50 Cents? The FULL Truth⚡️ Despite its impressive performance in the past couple of years, Shiba Inu is very unlikely to reach $1 or 50 cents because its circulating token supply is simply too large. However, that doesn't mean that Shiba Inu doesn't have a lot of upside potential.
How high will shiba go? ›
Shiba Inu (SHIB) Price Prediction 2030
According to your price prediction input for Shiba Inu, the value of SHIB may increase by +5% and reach $ 0.000031 by 2030.
Will Shiba Inu reach $1 cent by 2030? ›
In this scenario, If the crypto market cap hits $3 Trillion, Shiba Inu could trade around $0.0000149 in the short term and struggle to surpass $0.0000499 by 2030 even if the total crypto market cap surpasses the $10 Trillion mark.
How much will a 2 million Shiba Inu be worth? ›
The price of 2000000 Shiba Inu in the US is 51.63 USD. Additionally, Shiba Inu's price for 2000000 SHIB is 56.23 EUR in the eurozone, 65.94 GBP in the UK, 37.71 CAD in Canada, 34.29 AUD in Australia, 0.618548 INR in India, 0.037812 KRW in South Korea, and 57.97 CHF in Switzerland.
How high will a Shiba Inu go? ›
According to your price prediction input for Shiba Inu, the value of SHIB may increase by +5% and reach $ 0.000031 by 2030.
How high will Shiba Inu go in 2024? ›
Can you make money with Shiba? ›
The platform allows you to earn interest by burying tokens on its pool. Although the interest earned highly depends upon the contribution made to the pool. Now when you stake your Shiba, you receive xShib.
