Is Shiba Inu Still a Ticket to Crypto Millionaire Status?

13 February 2024

in SHIBA

Reading Time: 4 mins read

Is It Possible to Become a Millionaire with Shiba Inus?

Shiba Inu (SHIB 1.49%) has produced several millionaires in the past. In 2021, the well-known meme token had an approximate 45,000,000% increase. As Shiba Inu’s value surged, an increasing number of investors gravitated into this cryptocurrency, hoping to become wealthy as well.

Let’s start by discussing Shiba Inu’s recent, remarkable rise to fame. In August 2020, a mystery inventor going by the name Ryoshi launched Shiba Inu.

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According to its whitepaper, the token was created as an “experiment in decentralized spontaneous community building.” And it’s been really successful in those senses. Devoted supporters, known as the Shib Army, have backed Shiba Inu on social media and think the coin has the potential to revolutionize the cryptocurrency industry.

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You may be wondering now what makes Shiba Inu different from the multitude of other cryptocurrencies available. That’s not much, to answer. And that is the main issue with Shiba Inus. Essentially, the cryptocurrency is an Ethereum-based payment token. In order to create passive income, investors can also stake their holdings.

Therefore, in comparison to blockchains that provide a multitude of applications, such as the development of decentralized apps (dApps) and non-fungible tokens (NFTs), Shiba Inu doesn’t seem all that intriguing.

But there’s more positive news on the way. With the upcoming introduction of Shibarium, a layer-2 solution, Shiba Inu plans to liberate the coin from some of the constraints it now suffers on Ethereum. Shibarium is expected to enable consumers to create chain-specific NFTs and produce Shiba Inu more quickly and affordably. Additionally, Shibarium will increase Shiba Inu’s visibility in the metaverse and gaming apps.

Over the past year, Shiba Inu has repeatedly postponed the release. However, some people claim that the Shibarium beta might go live as early as next week. A possible launch may provide Shiba Inu with an immediate boost.

Let’s discuss how investing in Shiba Inus can increase your chances of becoming a billionaire. Indeed, Shiba Inu ought to be a more valuable asset now that Shibarium has been launched than it was during its 2021 boom. However, that does not imply that Shiba Inu will even approach to duplicate such gains.

In 2021, the market for cryptocurrencies surged beyond US$3 trillion as a result of investor interest in this promising emerging industry. Investors may view cryptocurrency participants more critically in the future and in the present. The cryptocurrency that wins will probably stick out from the competition.

Regarding Shiba Inu in particular, the cryptocurrency has two issues: the previously noted problem of restricted usage and an even more serious one that might prevent it from making substantial progress. That is an enormous amount of tokens. Efforts to burn coins could not even be sufficient to make a dent in the about 549 trillion supply.

Of said, Shiba Inu, which is now selling at a penny on the dollar, may yet increase in value to give investors who purchase a sizable share in the token a respectable return. However, I don’t think a possible gain would endure, and I advise against buying a sizable investment in a hazardous asset like Shiba Inus.

Shiba Inus isn’t the greatest option for a “make-me-a-millionaire” portfolio because of all of this. Investing in a selection of reliable equities and potent cryptocurrencies that stand out from the crowd is a superior strategy. Not even this will ensure millions. However, it ought to put you on the correct path for long-term, substantial gains.