While the ongoing volatile crypto market has decimated portfolios across the board, early backers of meme coin Shiba Inu are still counting their blessings despite the brutal decline.
Investors who took a chance on the fledgling token in its first year have managed to hold onto millionaire status even as SHIB currently trades 89% below its peak.
Shiba Inu: An Investment of $1000 in SHIB Turns Into $9.2 Million
According to data from Changelly, an investment of $1,000 made in Shiba Inu cryptocurrency in August 2020, near its launch, would now be worth $9.22 million as of February 2024. This represents a return on investment of 922,047.72% over the span of three and a half years.
The considerable gains increased the profile of SHIB during 2021 as some early backers of the previously little known cryptocurrency experienced substantial returns. Outcomes of this magnitude are infrequent from single crypto assets over such a short timeframe.
Nearly all cashed out a portion of their holdings when SHIB went on its parabolic run-up to an all-time high of $0.00008816 in late October 2021. That helped them realize life-changing money despite having invested comparably tiny sums just months earlier.
To be sure, with SHIB having crashed 89% from those record levels, early investor portfolios are not worth nearly as much today as they were in late 2021. However, those who have held on have still achieved once-in-a-lifetime returns that massively outstrip gains seen in stocks, bonds, and even Bitcoin over the same timeframe.
As of press time, Shiba Inu is trading at $0.000009633, with no major movements in the last 24 hours, according to CoinMarketCap data.
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