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The cryptocurrency industry was initially bashed for its lack of utility. But, over the years, several networks began rolling out assets with increased use cases. While the meme coin market continues to be called out for its minimal utility, Shiba Inu (SHIB) entered as a game changer. The network has been working towards providing the ecosystem with several use cases. Doubling down on the same, Shiba Inu rolled out Shibarium, a layer-2 blockchain. While this was supposed to change the trajectory of the asset’s price, it barely had an impact. But an investment made back then could have brought in major returns today.
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Shiba Inu Simmers Down After Massive Uptick
The cryptocurrency industry was painted green yesterday. Meme coins like Dogecoin (DOGE) and SHIB were seen pocketing double-digit gains during this period. But the asset was hit with a correction as it was seen experiencing a setback. Over the past 24 hours, SHIB dipped by 2.78%. At the time of writing, the meme coin was trading at $0.00001439.
It should be noted that Shibarium was launched on August 16, 2023. But, the debut was disrupted by initial technical issues. This caused the SHIB network to pause this launch before fully restarting it on August 28, 2023.
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Massive Profits or Just Hype?
The Shiba Inu market has witnessed immense growth over the past two years. Despite this, the meme coin market lost major gains in recent months. March has been one of the most unfavorable months for assets like SHIB. Despite this, older investments would have definitely seen growth.
Investing $3,000 in the asset back in August 2023 would have brought in 306,749,571.18 SHIB. On August 16, 2023, Shiba Inu was priced at a low $0.00000978. This would have turned into $4,415.27 at today’s rate. This further marks a 47.18% profit on its investment.
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