Shiba Inu (CCC:SHIB-USD) is on an unprecedented run. Whether it wants to admit it or not, it caught a lot of tailwind from the meme-coin frenzy of earlier this year, and it’s thanks to this trend that it landed on many of its holders’ radars. Now, it’s a top-20 crypto by market capitalization, and it is showing little evidence that it’s ready to slow down just yet. But what are the portfolios of those who bought in early enough looking like now? Well, it seems like they’d be very happy.
SHIB’s existence, unbeknownst to many, actually precedes Dogecoin’s (CCC:DOGE-USD) fast ride from 1 cent to nearly $1. Where many dog-themed DOGE clones popped up in the wake of those gains, SHIB actually launched in August of last year, making it well over one year old. However, its value wasn’t anything to write home about before spring’s meme-coin frenzy; it was worth less than $0.00000000001 prior to March, when Dogecoin began to show its serious upward mobility.
Since then, SHIB has become a cult favorite altcoin. It is increasingly community-focused, inviting its users to interact with one another and support one another online; this is in turn breeding a whole sect of Twitter users bearing Shiba Inu profile pictures. These are the fans tweeting coordinated social campaigns, which often end up on the site’s trending tab. The result is a vastly increased exposure to new investors than most altcoins can find.
How Much Shiba Inu Has Gained and How It Hopes to Hold Its Value
Shiba Inu saw an impressive tear in April, surging to its all-time high. However, just days later, it would find itself tumbling back down to a price floor it held throughout most of the summer. Now, the coin’s back up, and those who bought in early enough are reaping some serious rewards.
If you had bought $1,000 worth of Shiba Inu on Aug. 1, that investment would be worth well over $4,000 today, thanks to SHIB’s 305% gain. If you were one of the even luckier few who invested in SHIB right at the beginning of the altcoin class’ initial surge in March, your $1,000 investment would be worth over $2.1 million.
Of course, SHIB developers are looking to not just hold onto the value it has built for itself; they want to keep the gains coming. That’s why the network’s rolling out new products like its ShibaSwap exchange and its governance token Bone (CCC:BONE-USD). The latter will especially continue to help driving hype; it puts investors directly in the driver’s seat regarding where the future of SHIB will go.
Until we see that future, we can’t be sure of just how high SHIB is built to surge. But, if the exponential gains serve as any indication, it’s that these altcoins aren’t incapable of breeding millionaires.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.