One of the biggest trending cryptocurrencies in 2022 was Shiba Inu SHIB/USD. Trends on social media saw the cryptocurrency, which is based on the Shiba Inu dog breed, and similar to Dogecoin, generate huge interest.
Here’s a look at how much the crypto has fallen from all-time highs and how much a small investment could be worth if the coin can return to those levels.
What Happened: Shiba Inu launched in August 2020 as a similarly themed cryptocurrency to Dogecoin. The coin has gained a large following and is currently the 18th largest cryptocurrency by market capitalization.
Shiba Inu is part of a decentralized exchange called ShibaSwap, which also includes the tokens Leash and Bone.
An NFT project called Shiboshis based on the Shiba Inu coin and ecosystem launched in November 2021.
After previously only being available on decentralized exchanges like Uniswap, Shiba Inu was added to cryptocurrency platforms like Coinbase, Kraken and Robinhood. The addition of the coin helped increase awareness and valuation while providing traders easier access to buy, sell and hold the crypto.
In late 2021, Shiba Inu became a trending cryptocurrency and hit an all-time high price. The coin trended on both Twitter and Google with fans of the cryptocurrency calling for Shiba Inu to hit a price of 1 cent.
Shiba Inu is well off of its all-time highs in June 2023. Altcoins have been the subject of increased pressure from the SEC and Chairman Gary Gensler, which has sent prices down and could see leading exchanges limit the number of altcoins they offer.
Investing $100 in SHIB: A $100 investment in Shiba Inu today could purchase 14,974,543.28 SHIB based on the current price of $0.000006678 at the time of writing.
If Shiba Inu gets back to its all-time high of $0.00008845, the $100 investment would turn into $1,324.50. This represents a potential return of 1,224.5%.
There is no guarantee that Shiba Inu will return to its all-time highs, with some believing that 2021 marked the peak for many cryptocurrencies.
The hypothetical investment shows that a small investment could gain over time if the cryptocurrency market returns to its high mark.
Image and article originally from www.benzinga.com. Read the original article here.