Shiba Inu (CRYPTO: SHIB) has turned a lot of heads with its astronomical rise, but it is hard to wrap one’s head around just how absurdly high the investment returns of this memecoin really are.
What Happened: Market data shows that as of Aug 1, 2020 Shiba Inu was trading at $0.00000000051 per token — a value 8,758,723% lower than the coin’s current price of $0.00004467.
Since that’s way too many zeros and numbers for it to mean much at first, let’s calculate how a $15 investment on Aug. 1 would fare in the following 15 months to this day. Well, a $15 investment would have meant that our lucky investor would get his hands on 29411764705.9 SHIB, which in 15 months would be worth $1,313,823 — well over a million dollars!
Shiba Inu has gone a long way since when it was first released and marketed as the Dogecoin-killer (CRYPTO: DOGE). Now its proponents even reject the memecoin title, pointing to the token’s utility aspects, and for good reason. Shiba Inu is now the token powering a decentralized exchange (DEX), and a non-fungible token (NFT) platform, which arguably makes it a decentralized finance (DeFi) and NFT ecosystem token and not “just another memecoin.”
Recently Shiba Inu landed on crypto exchange Gemini, which is ranked the 13th largest exchange by trading volume, according to CoinMarketCap. The cryptocurrency also saw the launch of the “Shiba Coffee Company” — a coffee brand spending 10% of its profit on buying and permanently destroying SHIB tokens to decrease the circulating supply.