Cryptocurrency Shiba Inu SHIB/USD has built a loyal following of fans and investors since launching in August 2020. Here’s a look at how much money people who got in at the start have made.
What Happened: Shiba Inu launched in August 2020 as a similarly themed cryptocurrency to Dogecoin DOGE/USD.
Shiba Inu leverages the Ethereum ETH/USD network and has created a decentralized exchange called ShibaSwap. Three tokens are native to the platform: SHIB, Leash (LEASH) and Bone (BONE).
A Shiba Inu-based NFT project called Shiboshis launched in November 2021.
Formerly only available on decentralized exchanges like Uniswap, Shiba Inu has been added to several major cryptocurrency platforms including Coinbase Global COIN and Kraken.
The coin was also added to Robinhood Markets HOOD cryptocurrency platform in April 2022 as one of four new coins added. News of Robinhood adding the coin helped boost the price but it failed to go back to all time highs.
Here’s a look at the history of an investment in the coin.
Related Link: How To Buy Shiba Inu
Investing $100: Shiba Inu launched in August 2020. The earliest date listed for price history on Coinmarketcap is Aug. 1, 2020 when SHIB traded at $0.00000000051 per token.
A $100 investment at the time could have bought 196,078,431,373 SHIB.
That investment would be worth an astonishing $2,360,784.31 today based on a price of $0.00001204 for SHIB at the time of writing.
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.
Shiba Inu traded at an all time high of $0.000089 in October 2021. Over the last 52-weeks, Shiba Inu has traded between $0.000007197 and $0.00006541.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.