Like it or not, cryptocurrencies have created many millionaires and billionaires over the years. But with more than 10,000 cryptocurrencies currently in circulation, the trick is choosing the right ones. And if you had chosen Shiba Inu (SHIB) in the summer of 2020, you would have hit the jackpot.
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So what is Shiba Inu crypto, and how much would a $1,000 investment in 2020 be worth today?
What Is Shiba Inu Crypto?
Shiba Inu is a meme coin that launched in August 2020 to compete with Dogecoin (DOGE) and attracted a large number of followers, called the “Shib Army.” Unlike many cryptocurrencies, Shiba Inu does not run on its own blockchain. Instead, it uses the Ethereum platform.
Shiba Inu is also not mined. Instead, a finite supply of the coins (1 quadrillion) was created at the birth of the cryptocurrency.
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How Much Would a $1,000 Investment Be Worth Today?
If you had invested $1,000 in Shiba Inu crypto in August 2020 and sold it on November 1, 2024, you would’ve reaped a profit of more than $13 million.
In fact, a mere $10 would have given you a profit of over $130,000.
What Is Shiba Inu Crypto Used For?
Shiba Inu is accepted at many retailers, including AMC cinemas via Bitpay. You can also use the cryptocurrency for peer-to-peer payments and trade it for other cryptocurrencies on ShibaSwap.
Shiba Inu is also traded on other cryptocurrency exchanges, such as Coinbase.
Should You Buy Shiba Inu Crypto?
Before you run out and spend your money on Shiba Inu, there are things you should consider. In addition to the fact that there are thousands of other cryptocurrencies out there, many people think Shiba Inu crypto lacks a value or purpose. That being said, it can still offer growth potential.
Still, while the idea of turning $1,000 into millions is mouthwatering, when dealing in crypto, it’s always best to live by the motto “Caveat emptor,” or, “Let the buyer beware.”
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This article originally appeared on GOBankingRates.com: If You Invested $1,000 in Shiba Inu Crypto in 2020, It Would Be Worth Millions Now
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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