Achieving the goal of millionaire status is not so easy for traders. If you want to be a millionaire, it normally takes a while and a large amount of dollars invested. But that is not always the case. You could have made a million bucks by investing $1,500 or less in each of these two cryptos.
1. The Shiba Inu Cryptocurrency
Shiba Inu (CRYPTO:SHIB) is one that stands out as a more impressive creator of a of rags-to-riches story. If you had of invested only $1.56 in the crypto when it launched in Aug. 2020, you would now have $1 million.
How did Shib skyrocket as much as it did? For one thing, it began trading at a tiny amount. More significantly, though, Shib piggybacked on Dogecoin’s success.
The Shiba Inu dog is used as a mascot by both Dogecoin and Shiba Inu. But unlike Dogecoin, though, Shib is compatible with the crypto Ethereum (CRYPTO:ETH) platform. Which means that it could be used with ETH wallets and possibly be integrated with some decentralized finance apps created on the ETH blockchain.
Do not expect investing a small amount in Shiba Inu will make you a millionaire in the near future, though. Some investors view it as one of the most dangerous cryptos to own. Whether or not that is right or not, it is virtually not possible for Shiba Inu to reach anywhere close its gains it has racked up so far going forward.
Ethereum ranks as the second-largest crypto in the world today with a market capitalization of about $537 billion. And while the blockchain was not officially released until July of 2015, ETH’s initial coin offering (ICO) happened in the previous year. If you had of bought about $69.50 of ETH tokens in that ICO and not sold them, you would now have $1 million.
The one overriding thing behind ETH’s meteoric increase is its real-world utility. ETH’s blockchain supports the smart contracts that help enable the execution of its agreements on the internet without any intermediaries.
Another important example relating to this is the real-world utility that the ETH blockchain can host other cryptos. Indeed, almost half of the top 100 cryptos based on market capitalization are compliant with ETH’s ERC-20 standard.
Other blockchains are hoping to dethrone ETH by offering quicker transaction speeds and reduced costs. However, a big upgrade is on its way next year that should make ETH more competitive. It is not likely to have a repeat of the impressive performance it had the past seven years; however, the cryptocurrency might still be a winner in the future.
Author: Steven Sinclaire