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Stories of investors who invested a small amount of money In Shiba Inu Coin and are now millionaires have become very common.
In the last year alone, this coin has grown by multiples of thousands. This is the reason why it is now among the largest and most famous cryptocurrencies in the market currently.
What is Shiba Inu Coin?
Shiba is a fun coin released in 2020. It belongs in the same group as other coins such as Dogecoin. They both have a famous dog breed name and are meant to be peer-to-peer transactional currencies.
The key difference between dogecoin and Shiba is that Doge has no cap in supply while Shiba has. Shiba has also within one year it has been in existence diversified into some other functions such as joining the NFT world.
Currently, Shiba ranks among the top 10 biggest cryptocurrencies in the market. It got the meme coin bragging rights after it overtook the doge market cap in the recent price rally.
Shiba Price Rally
Most millionaire made by the coin comes from its random huge price rallies. Shiba is known to rally by up to 500% within a single week.
This is why it has become very famous in the investment world. Despite all this price gain, the coin is still valued below a penny. An indicator there is still a big room for growth in the future.
Investors believe that there is a chance it could get to 1 cent from its current price of $0.00005.
However, it is still not possible to give the exact timelines when this will happen but you can not rule it out. It could be as soon as the next year.
Developers are already undertaking some measures to boost the coin’s price in the future. These include;
The network is actively reducing the number of coins in the market to make Shiba more valuable. It has been ongoing since its creation.
Coin burning has a huge impact on the price as seen on the Ethereum network. After the implementation of the London Hard Fork Update, Ethereum coin burning has accelerated causing its price to continue on a bull run.
The first Shiba coins destruction happened at launch when at least 41% of all coins in supply were put in a dead wallet.
There is no clear strategy on how much coins will be burnt and by when, however, any reduction in supply will have a huge influence on the price in the long term.
Shiba network recently introduced its first NFT tokens in the market known as Shiboshis. These are the first batch of the 10,000 tokens for launching in the first phase.
NFT concept has been getting a lot of market attention lately with other competing networks such as Ethereum and Solana already having the lead.
With this launch, SHIBA is betting on creating more utility for its coin and hence increasing the prospects of growing its demand.
This will accelerate price growth and hopefully push the coin towards the 1 cent mark. It is evident Shiba has a long-term market plan that could see a continuation in creating more millionaires.
As the crypto industry thrives, so are the returns for the investors.