June 20, 2024

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The dollar invested in the Shiba Inu cryptocurrency a year ago achieved 2 million Brazilian riyals

The dollar invested in the Shiba Inu cryptocurrency a year ago achieved 2 million Brazilian riyals

The price of Shiba Inu (SHIB) today renewed its historical record at 0.00004447 USD. Over the course of one day, the cryptocurrency saw its price increase by 47%, allowing the token to rank 11th in the rankings in terms of cryptocurrency market capitalization.

The coin known as Dogecoin (DOGE) version has seen an amazing price hike in the last year, in the last 10 months alone, Shiba Inu has gone up in value by 54,000,000%.

Anyone who ventured to buy just $1 of the coin at launch, in October 2020, when each token traded for $0.000000000087, would now have 11 billion tokens, worth $450,000 at the current price, roughly 2.5 million riyals.

Shiba Inu

The Shiba Inu blew up all the counters in the past few weeks. The price has increased by more than 330% in the last 30 days, and this is the best performance among the top 20 cryptocurrencies in the world.

In fact, in the same time period, cryptocurrencies such as Bitcoin, Ethereum, Solana, Polkadot and Wrapped Bitcoin achieved the second best performance with “only” 30%.

Be careful

Analysts understand that the cryptocurrency market is changing. For a long time, Bitcoin has been the main asset that attracts major investors from all over the world. Nothing lasts forever, which means that we will increasingly hear about large investments in tokens that were previously unknown or questionable.

And it’s not even about the issue of Ethereum that paved the way for thousands of altcoins, because in recent times there is no longer an end to the market. chetcoins, which makes investors lose a lot of money.

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A notable example of this behavior is the Shiba Inu symbol. At first, the ambitions of its makers were very modest, and the main goal was to be a simple competitor to Dogecoin.

After it turned out that the desired was fulfilled, they launched the staking project, which today moves billions of dollars. Tokens are locked to the platform, and their owners cannot withdraw, sell or return them.

We do not know who these gullible people are who give millions of dollars to shady projects, but they exist, and there are many.

The people behind the token never tire of saying that the coin will be worth 1 cent each sooner or later. If that happens, the Shiba Inu creators will have tens of trillions of dollars in their hands.

It seems that they not only believe in a bright future for the token, but are also ready to pave the way for it as the coin is listed with major brokerages.