Shiba Inu, the meme coin that took the crypto world by storm, is currently down over 91% from its all-time high (ATH). Despite the successful launch of Shibarium back in August, the coin has struggled to regain its former glory. On August 12, the Shiba Inu price hit a 3-month peak, but since then, inverse traders have been on a profit-taking spree.
In the last 30 trading days, the bears have achieved a 67% dominance between August 7 and September, as illustrated by the number of Long positions liquidated exceeding Shorts in 20 days.
This is particularly significant in the Futures markets, where traders borrow and sell assets like cryptocurrencies with the expectation that the asset’s price will either increase or decrease. They aim to buy back the assets in the future, return them to the lender, and pocket the price difference as profit.
According to data from Santiment, the number of daily active addresses interacting with Shiba Inu has been on a downward trend. In September, SHIB has been hovering between 3,000 and 4,000 active daily addresses. This is a significant drop compared to August, when the coin saw its daily active addresses exceed the 8,000 mark on several occasions. This decline in user engagement could be a concerning indicator for the token’s short-term prospects.
Source: Santiment – Start using it today
This reduction in daily active addresses suggests a waning interest or engagement in the Shiba Inu ecosystem, at least for the time being. It’s an important metric to consider, especially for potential investors looking to gauge the coin’s current level of community involvement and activity.
So, given the current market conditions, how much Shiba Inu (SHIB) would you need to buy to become a millionaire if the coin hits its ATH again? Let’s dive in.
What you'll learn 👉
The Formula
To calculate how much SHIB you would need to buy to become a millionaire, we can use the following formula:
SHIB Quantity=Target Amount/Expected Price
- Target Amount: The amount you aim to have, which in this case is $1,000,000.
- Expected Price: The price you expect SHIB to reach, which would be its ATH of $0.000086.
Using this formula, we can calculate:
- SHIB Quantity=1,000,000/0.000086=11,627,906,976.74
To become a millionaire, you would need to purchase approximately 11.63 billion SHIB.
Current Investment Required
At the current price of $0.00000761, the amount you would need to invest to purchase 11.63 billion SHIB would be:
11,627,906,976.74*0.00000761 = $88,540.71
So, with an investment of approximately $88,541, you could potentially become a millionaire if SHIB reaches its ATH again.
Conclusion
While the idea of becoming a millionaire by investing in Shiba Inu is enticing, it’s crucial to remember that the cryptocurrency market is highly volatile. Always do your own research and consult with financial advisors before making any investment decisions.
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