The popular memecoin Shiba Inu (SHIB) is currently changing hands at some of the weakest levels in its entire history. Earlier this month it slid to $0.0000043, a price last seen back in early 2021. A market-wide rebound over the past few days has handed it a modest recovery. According to CoinGecko data, SHIB is trading just below the $0.000005 mark as of writing. Put simply, that means you can now scoop up 1 million Shiba Inu (SHIB) coins for just under $5. The real question is whether putting money into the memecoin at today's price is genuinely worthwhile.
The Math Behind A Million Coins For Under $5
As tempting as that headline number sounds, the fuller story is far more complicated. SHIB delivered some of the biggest gains of the 2021 bull run, with investors who committed only small amounts of capital walking away with enormous returns inside a few months. Here is the striking part: even though current prices look like rock bottom, anyone who bought SHIB in its earliest days would still be sitting in profit today. According to Changelly's Shiba Inu ROI (Return on Investment) calculator, just $14 worth of SHIB back then would be worth more than $1 million today.
What Powered The Historic 2021 Surge
While SHIB enjoyed a remarkable run during the 2021 bull market, it is far from clear whether the asset can repeat that level of success in the future. A major driver of its 2021 rally was a massive token burn by Vitalik Buterin. The Ethereum co-founder had received half of all SHIB tokens, yet chose to burn 90% of the tokens allocated to him. His decision sharply cut the available supply even as demand kept rising. The result was explosive: Shiba Inu (SHIB) rocketed to a fresh all-time high of $0.00008616. Anyone who bought in at that moment would have been sitting on hefty gains.
Why The Picture Looks Different Now
Over the last few years, Shiba Inu (SHIB) has lost a great deal of its shine. The memecoin failed to find momentum even as Bitcoin (BTC) climbed to its latest peak of $126,080. A majority of SHIB investors are nursing losses and have grown thoroughly frustrated with the coin's performance. Many holders are likely to dump the token the moment it climbs back to their average buying price. SHIB may carry legendary status among its fans, but the asset looks unlikely to deliver 2021-style returns anytime soon.
