If You Invested $100 In Shiba Inu When The Coin Launched, Here’s How Much You’d Have Today By Benzinga

Benzinga – by Chris Katje, Benzinga Staff Writer.

Cryptocurrency Shiba Inu (CRYPTO: SHIB) is one of several so-called memecoins enjoying a run-up in valuation in early 2024.

Here’s a look at how much money people who got in at the start of the Shiba Inu storyline would have made today.

What Happened: Shiba Inu launched as a similarly themed cryptocurrency to Dogecoin (CRYPTO: DOGE) in August 2020. Today, the cryptocurrency is one of the 10 largest coins by market capitalization.

Shiba Inu leverages the Ethereum (CRYPTO: ETH) network and created a decentralized exchange called ShibaSwap. Three tokens are native to the platform: Shiba Inu, Doge Killer (CRYPTO: LEASH) and Bone ShibaSwap (CRYPTO: BONE).

A Shiba-Inu based NFT project called Shiboshis launched in November 2021.

Formerly only available on decentralized exchanges like Uniswap, Shiba Inu was added to several major cryptocurrency platforms like Coinbase, Kraken and Robinhood in 2021 and 2022.

News of Shiba Inu being added to Robinhood helped boost the price of the token.

Here’s a look at the history of an investment in Shiba Inu.

Related Link: Shiba Inu Lead Developer Kusama Echoes Dot Com Era Ahead Of Key Launch As SHIB Tops Charts: ‘Can Get There, But Only With Your Help’

Investing $100 in Shiba Inu: The cryptocurrency launched in August 2020 with the earliest date listed for price history being Aug. 1, 2020, when it traded at $0.00000000051 per token.

A $100 investment at the time could have bought 196,078,431,373 Shiba Inu.

That investment would be worth an astonishing $6,398,039.22 today based on a price of $0.00003263 for Shiba Inu at the time of writing.

Shiba Inu hit an all-time high of $0.00008845 in October 2021. At its peak, the $100 investment would have been worth $17,343,137.25.

Not all cryptocurrencies appreciate this much in value and most don’t have high trading volumes when they are initially offered, making this hypothetical investment unlikely to happen to most.

This is another example of why investing a small amount in cryptocurrency could have a strong return over time.

In the current cryptocurrency cycle, investors are increasingly more attracted to memecoins potentially for this very reason.

Over the past 52 weeks, Shiba Inu has traded between $0.000005717 and $0.00004534.

Read Next: This Long-Time Dogecoin Bull Made A Valentine’s Day Prediction About DOGE, SHIB Comebacks — Here’s How It Is Playing Out

Photo: Shutterstock

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