Since hitting a low in November 2020, the token price has skyrocketed 60,000,000%, meaning a mere $17 invested in Shiba Inu last year would be worth $10 million today.
That implies another 2,965,500% upside from its current price of $0.00003372 — that’s an annualized return of 1,212% over the next four years, which is relatively mild compared to its historical performance.
In August 2020, the pseudonymous Ryoshi created Shiba Inu, co-opting the mascot popularized by Dogecoin.
Specifically, Shiba Inu is an ERC-20 token, a type of smart contract built on the Ethereum blockchain.
In fact, there is very little you can do with the token, and Shiba Inu’s soaring price can be attributed to two things: aggressive marketing on social media and brilliant branding.
In other words, with the rise of Dogecoin still fresh in the minds of cryptocurrency investors, a name like “Shiba Inu” was sure to turn some heads.
That’s why some investors are still hoping it achieves what Dogecoin never managed: They want to see it cross the $1 threshold.
For context, global gross domestic product — the value of all goods and services produced across every economy — is expected to reach $94 trillion in 2021 and $116 trillion by 2025.