Shiba Inu has made significant strides since its inception, proving to be a highly profitable investment for early adopters. Yescas Rigo, a member of the Shiba Inu community, recently highlighted the remarkable journey of SHIB since its launch. While many are familiar with the background of Shiba Inu, the extent of its impressive price surge from 2020 to 2021 is often underestimated.
The data presented by Yescas sheds light on the journey of Shiba Inu, showcasing the deletion of multiple leading zeros along the way to its current prominence. Initially viewed as a mere imitation of the popular meme coin Dogecoin (DOGE), SHIB was introduced in August 2020 by the mysterious Ryoshi.
An interesting twist to the story was Ethereum co-founder Vitalik Buterin’s involvement. Ryoshi gifted Buterin half of the total SHIB supply at launch, consisting of approximately 500 trillion tokens. Buterin, in turn, burned 410 trillion tokens and donated the remainder to charity.
In a recent interview, Buterin admitted that he underestimated the potential of Shiba Inu. This sentiment is echoed by many in the industry who failed to recognize SHIB’s growth potential. Since its launch, Shiba Inu has managed to eliminate five leading zeros from its price, as indicated by Yescas’s table and confirmed by data from CoinGecko.
Starting at a trading price of $0.000000000972 in August 2020, SHIB experienced fluctuations before gaining momentum in 2021. By January of that year, it had removed two leading zeros, trading at $0.00000000505. The bullish trend continued throughout 2021, culminating in an all-time high of $0.000088 in October, marking a remarkable 9,119,241% increase since its inception.
Despite a 71% drop from its peak, Shiba Inu still maintains only four leading zeros at its current price of $0.00002522, reflecting a substantial 2,594,550% growth since launch. Overcoming initial skepticism, SHIB remains a contender for the top 10 cryptocurrencies, showcasing its resilience and longevity in the market.
Analysts predict further growth for Shiba Inu, with some foreseeing the elimination of one or two more zeros in the near future. SHIB Knight anticipates a rise to $0.0001 this month, while Armando Pantoja expects SHIB to reach $0.001 in the ongoing bullish trend.
It is important to note that this content is for informational purposes only and should not be construed as financial advice. The opinions expressed are those of the author and do not necessarily reflect those of The Crypto Basic. Readers are advised to conduct their own research before making investment decisions, as The Crypto Basic holds no responsibility for any financial losses incurred.