Is Shiba Inu Still a Millionaire-Maker Crypto?
During the meme coin mania of 2020-21, Shiba Inu (CRYPTO: SHIB) captured the imagination of crypto investors by offering a potential path to millionaire status. And indeed, there are some crypto investors who did become incredibly wealthy by investing in the meme coin. But Shiba Inu is now down 90% since 2021, and a number of efforts to boost the token's price over the past two years have not worked out as planned.
While things admittedly don't look promising right now, there are still several possible scenarios for Shiba Inu to become a millionaire-maker crypto. I'm not saying these scenarios are likely, only that they represent possible paths to success. Let's take a closer look, and then you can be the judge of just how probable they are.
The first scenario involves Shiba Inu's coin supply, which remains ridiculously large at 589 trillion coins. To put that number into perspective, the total lifetime supply of Bitcoin (CRYPTO: BTC) is capped at just 21 million coins. From my perspective, the only way to boost Shiba Inu's price is by bringing the coin supply down to under 1 trillion coins.
Source Fool.com
