Shiba Inu has deleted multiple leading zeros since launch, making it one of the most profitable cryptocurrencies for any early investor to hold.
Yescas Rigo, a Shiba Inu community member, recently called the public’s attention to this reality, presenting data on SHIB’s historical performance since its launch. While most market participants are aware of Shiba Inu’s rich history, not many individuals grasp the magnitude of its monumental price rally from 2020 to 2021.
SHIB Grossly Underestimated
The table presented by Yescas provides insights into this, detailing the multiple leading zeros that Shiba Inu deleted along the journey toward prominence. Launched in August 2020 by the pseudonymous Ryoshi, SHIB was initially regarded as another cheap knockoff of the original meme coin Dogecoin (DOGE).
Interestingly, Ethereum co-founder Vitalik Buterin also had this sentiment toward Shiba Inu. Recall that Ryoshi gifted Buterin half of the entire SHIB supply (about 500 trillion tokens) upon the token launch. The Ethereum co-founder burned 410 trillion tokens and sent the rest to charity.
In a recent interview, Buterin disclosed that the reason he made this decision was that he believed Shiba Inu would end up as one of those meme coins that receive initial hype and then suddenly drop to nothing. As a result, he wanted these charities to cash in on the holdings before this imminent collapse.
Shiba Inu Has Deleted Five Leading Zeros Since Launch
Buterin revealed that Shiba Inu outperformed his expectations. This sentiment is shared by several industry pundits who downplayed SHIB’s growth. Notably, since its launch in 2020, Shiba Inu has deleted five leading zeros from its price, according to the table presented by Yescas. Market data from CoinGecko also confirms this.
$SHIB Price History‼️ 📈📈📈
Do Not Doubt #SHIB 🚀🚀🚀🌕 pic.twitter.com/lvP9dLWcvE— $Shib_Yescas (@YescasRigo) June 6, 2024
Based on its initial public trading price, SHIB changed hands at $0.000000000972 in August 2020. It eventually added one more leading zero due to a price collapse following its launch. This volatility further compounded concerns that it would crash like a typical meme coin.
However, Shiba Inu began 2021 with bullish momentum, taking out two leading zeros, as it traded for $0.00000000505 in January 2021. SHIB retained this bullish momentum throughout 2021, with the uptrend sustained by the bull market of that year.
SHIB hit an ATH of $0.000088 in October 2021, having deleted five leading zeros since launch. At its ATH in 2021, Shiba Inu had rallied 9,119,241% in two years, making it one of the best performing crypto assets of all time.
Though Shiba Inu has dropped 71% from the ATH at its current price, it still holds only four leading zeros. At its current price of $0.00002522, SHIB is still an all-time best performer, currently up 2,594,550% since launch. Riding against the initial bearish sentiments, Shiba Inu is still contesting for top 10 four years after launch, demonstrating its resilience and longevity.
Some analysts have projected SHIB to delete one or two more zeros in the near future. For instance, SHIB Knight recently predicted that Shiba Inu could reach $0.0001 this month. Meanwhile, Armando Pantoja expects SHIB to hit $0.001 in this bull run.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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