By Pradeep Saran, September 18, 2023
Shiba Inu, since its inception three years ago, quickly gained popularity in the cryptocurrency market. It achieved its all-time high (ATH) in 2021 but experienced a significant decline when the market turned bearish. However, like many other mid-cap cryptocurrencies, Shiba Inu weathered the tough times and, as of the current moment, holds a market capitalization of $4.3 billion, with a trading price of $0.00000741.
Shiba Inu reached its peak price of $0.00008616 on October 28, 2021, but has since dropped by over 91%, leaving investors who bought during the peak in a challenging situation. In contrast, SHIB has come a long way from its all-time low in 2020, having shed numerous zeros along the way. Data from CoinGecko indicates that the asset has witnessed a staggering increase of several million percent from its lowest point, resulting in early investors seeing substantial gains.
The journey of Shiba Inu through the years has been marked by significant fluctuations. It initially traded at $0.000000000510 during its launch, then halved in value, and added an extra zero by the end of 2020. This meant that a $1000 investment during SHIB’s early days first decreased to $550.98 and then plummeted to $1.96.
However, the bullish market of 2021 drastically changed SHIB’s fortune as the investment skyrocketed to $19,606 and then to $98,000 in Q1. By May, it had surged to an astonishing $17.25 million. In early October, as SHIB was heading towards its ATH, the investment was valued at over $55 million. Around the same time the following year, in October 2022, its value declined to $19 million.
As of early April 2023, it stood at $22.2 million.At the current price of $0.00000741, a $1000 investment is now worth approximately $14.5 million. Clearly, early investors have experienced their fair share of highs and lows over the years, but they currently find themselves in a profitable position.