on the crypto
A popular television program a few years ago asked the question: "Who wants to be a millionaire?" The answer is easy: almost everyone.
However, achieving the goal is not that easy for children Investors. Becoming a millionaire usually takes a lot of time and a significant amount of money invested. But that's not always the case. You could have made $ 1 million by investing less than $ 1.500 in each of these three cryptocurrencies in a relatively short period of time.
1. Shiba Inus
If you only invested $ 1,56 in the digital token when it launched in August 2020, you would now have $ 1 million.
Why did Shiba Inu skyrocket? First, he started trading with a tiny amount. More importantly, however, Shiba Inu leveraged the success of another token: Dogecoin (CRYPTO: DOGE).
Both Shiba Inu and Dogecoin use the Shiba Inu dog as their mascot. Unlike Dogecoin, however, Shiba Inu is compatible with the Ethereum platform (CRYPTO: ETH). This means it can be used with Ethereum wallets and potentially integrated with decentralized finance (DeFi) apps built on the Ethereum blockchain.
However, don't expect a small amount invested in Shiba Inu to make you a millionaire these days. Some consider it the most dangerous cryptocurrency to own. Regardless of whether that interpretation is correct or not, it is virtually impossible for the Shiba Inu to reach a level close to the earnings it has accumulated so far.
2 Ethereum
Ethereum is the second largest cryptocurrency in the world with a market capitalization. Although the blockchain was not officially launched until July 2015, Ethereum's initial coin offering (ICO) occurred in the previous year. If you bought about $ 69,50 worth of Ether tokens in that ICO and held them, you would now have $ 1 million.
The one dominant factor behind Ethereum's rise is its real-world usefulness. The Ethereum blockchain supports smart contracts that allow for the execution of agreements over the internet without intermediaries.
Another important example of this utility is that the Ethereum blockchain can host other cryptocurrencies. In fact, nearly half of the top 100 market cap-based tokens conform to Ethereum's ERC-20 standard.
Other blockchains hope to dethrone Ethereum by offering faster transaction speeds and lower costs. However, a major update is coming in 2022 that should make Ethereum more competitive.
3. Dogecoin
Dogecoin (CRYPTO: DOGE) was launched in 2013 as a fun alternative to Bitcoin. The first investors certainly had a lot of fun. An initial investment of around $ 1.492 in Dogecoin when it became available for mining would now be worth $ 1 million.
Online investing communities soon started jumping aboard the Dogecoin train. It has gained popularity on Redditt and Twitter. However, Dogecoin really took its step after Tesla CEO Elon Musk started tweeting it.
Musk said Dogecoin is his favorite cryptocurrency and is one of only three digital coins he personally owns. He even called himself the "Doge Father".
However, the impact of the billionaire's voice support has its limits. Like Shiba Inu and Ethereum, Dogecoin will almost certainly not be able to deliver the level of returns in the future as in the past.
