The volatile world of cryptocurrencies has captured the attention of many investors, especially during the meme coin craze of 2020-21. One such cryptocurrency that gained significant popularity during this time was Shiba Inu (SHIB). The potential to become a millionaire by investing in Shiba Inu became a tantalizing prospect for many enthusiasts. However, with Shiba Inu currently down by 90% since 2021, the coin has faced challenges in realizing its potential to make investors incredibly wealthy.
Despite the current outlook, there are several potential scenarios for Shiba Inu to regain its status as a millionaire-maker crypto. While these scenarios are not necessarily probable, they represent potential paths to success that could fuel interest in the cryptocurrency.
The first scenario involves the reduction of Shiba Inu’s coin supply, which currently stands at a staggeringly high 589 trillion coins. By comparison, the total lifetime supply of Bitcoin is capped at just 21 million coins. One proposed method to boost Shiba Inu’s price is through coin burning, which involves transferring coins to non-functioning wallets, thereby reducing the overall circulating supply. However, the challenge is in achieving a substantial reduction, as even burning 1 trillion coins per year would still take centuries to bring the supply down to a more manageable level.
The second scenario focuses on boosting demand for Shiba Inu tokens by enhancing the utility of the Shiba Inu blockchain. The launch of Shibarium, a Layer 2 scaling solution designed to improve the speed, efficiency, and throughput of the Shiba Inu blockchain, was expected to create new demand for the token. However, the actual impact and level of demand generated by Shibarium remain uncertain, necessitating a cautious approach to evaluating its potential.
The most unlikely scenario involves Shiba Inu becoming the currency for artificial intelligence (AI). With the growing intersection of AI and crypto, there is speculation regarding the potential for AI agents to use cryptocurrency for transactions. While Bitcoin, Ethereum, and Solana have been considered as leading candidates, the idea of Shiba Inu becoming the currency for AI is a far-fetched, albeit intriguing notion, given the popularity of the iconic Shiba Inu dog associated with the token.
Despite the allure of Shiba Inu’s low token price, the math behind becoming a Shiba Inu millionaire presents significant challenges. With the token trading at a minuscule price, the likelihood of Shiba Inu reaching the value of $1, needed to achieve millionaire status, is deemed highly improbable, if not impossible.
While Shiba Inu continues to attract attention as a speculative asset, its potential to be a long-term, buy-and-hold investment appears uncertain. Ultimately, the future of Shiba Inu as a millionaire-maker crypto remains uncertain, and investors should approach it with caution and a clear understanding of the inherent risks.