Shiba Inu (SHIB) is one of the most watched crypto projects. Since its launch, SHIB’s price has increased by a massive 8,424,092.55% to reach its all-time high in 2021. As of press time, SHIB has gained 1,075,810.31%. In both cases, investors could have made millions or even billions of dollars, given that the initial investment was made in August 2020.

However, many are concerned that they may have missed the Shiba Inu (SHIB) hype train. SHIB has struggled to catch on to such hopes. Last year, the cryptocurrency fell along with the entire market. During the economic crisis, SHIB plunged 62% as investors abandoned risk assets. This begs the question…

Can a Shiba Inu still make you a millionaire?

While economic woes continue to plague the world, the crypto industry appears to be rebounding. Since January 2023, SHIB has grown by approximately 29%.

If SHIB were to hit a new all-time high again, it would need to rise 723.71% from the current market price. As mentioned earlier, SHIB has seen growth rates far exceeding triple-digit percentages. In addition, as the dollar depreciates, investors expect more investment to flow into the cryptocurrency space.

However, the biggest development that could push SHIB’s price to new heights is the launch of the project’s layer 2 network, Shibarium. Shibarium aims to reduce transaction costs while increasing speed. Additionally, the launch will result in SHIB no longer being an ERC-20 token on the Ethereum blockchain, as it will have its own token. As expected, SHIB could surpass its previous all-time high when Shibarium’s mainnet goes live.

However, if SHIB reaches its all-time high, it would require an investment of approximately $121,500 at current interest rates. A 723% increase would turn the investment into $1 million. Nevertheless, it is not advisable to make such a large investment in a risky asset such as SHIB without proper research and understanding.

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