Shiba Inu (SHIB) has been one of the most talked-about cryptocurrencies in recent times, especially with its meme origins and massive community support. Let’s dive deep into the trading analysis and see how an investment of $1000 in Shiba Inu Coin could potentially make you rich by 2024.
As of November 1, 2023, the price of Shiba Inu Coin is approximately $0.0000076447.
Historical Performance:
Looking back at the monthly price of Shiba Inu coin in 2023:
- February 1, 2023: $0.00001181
- March 1, 2023: $0.00001202
- April 1, 2023: $0.00001084
- May 1, 2023: $0.00001011
- June 1, 2023: $0.00000855
- July 1, 2023: $0.00000756
- August 1, 2023: $0.00000846
- September 1, 2023: $0.00000798
- October 1, 2023: $0.00000734
- November 1, 2023: $0.00000778
From the above data, we can observe that the Shiba Inu coin has experienced volatility throughout the year, with its price peaking in February and March, then experiencing a decline, and showing signs of recovery in the latter months.
Shiba Inu Coin: Investment Calculation
Let’s assume you invested $1000 in SHIB on January 1, 2023.
Using the February 1, 2023, price as a reference: Number of SHIB tokens = $1000 / $0.00001181 = 84,593,220 SHIB
If you held onto your SHIB tokens until November 1, 2023: The value of investment = 84,593,220 SHIB * $0.00000778 = $658.15
This means that your $1000 investment would have decreased to $658.15 by November 1, 2023.
Shiba Inu Coin: Future Projections
Predicting the future price of any cryptocurrency is challenging due to its volatile nature. However, if SHIB continues its recovery trend and achieves a steady growth rate, it could potentially reach its previous highs or even surpass them.
For instance, if SHIB grows at a conservative rate of 10% monthly from its current price:
- By November 1, 2024, SHIB could be worth approximately $0.000025.
Using this projection: Value of investment in 2024 = 84,593,220 SHIB * $0.000025 = $2,114.83
This means your initial $ 1,000 investment could potentially grow to $2,114.83 by 2024, more than doubling your money.
Conclusion:
While the past performance of SHIB in 2023 shows some volatility, the potential for growth remains. If SHIB can maintain a steady growth rate and continue its recovery trend, an investment in it could yield significant returns by 2024. However, it’s essential to remember that all investments come with risks, and it’s crucial to do thorough research and consult with financial experts before making any investment decisions.
How to Buy Bitcoin?
For those looking to buy SHIB, Bitget is an excellent platform to consider. Known for its low transaction fees and user-friendly interface, Bitget facilitates an easy and efficient process for buying and selling SHIB. Given the current positive trend in SHIB and the optimistic outlook of the cryptocurrency market, now might be a strategic time to consider adding SHIB to your investment portfolio.