Renowned cryptocurrency investor Jake Gagain has taken to social media platform X to share his personal experience with Shiba Inu (SHIB), shedding light on his only regret regarding the dog-themed token.
In a recent post on X, Gagain disclosed that he initially purchased Shiba Inu in April 2021, when the token’s market capitalization stood at around $100 million. Although Gagain did not reveal the value of his initial SHIB purchase, he expressed remorse for not buying more Shiba Inu tokens when the token was valued at $100 million.
Gagain’s regret echoes the sentiments of early crypto investors who, after witnessing significant returns on their investments, wished they had invested more money to maximize their profits.
Shiba Inu’s Rise to Prominence
Back in April 2021, Shiba Inu had not gathered much attention from cryptocurrency enthusiasts. Many investors expected it to fade away since it was launched as a meme coin. Typically, meme coins experience a brief surge and then fade into obscurity or become unreliable.
When Gagain made his first SHIB purchase, the token was trading with multiple zeros after the decimal point. Considering Shiba Inu’s large supply of 1 quadrillion tokens, a $100 million market capitalization would have set the price of Shiba Inu at $0.0000001.
Shortly after Gagain acquired his initial SHIB tokens, Shiba Inu began experiencing significant developments and substantial price increases, which attracted the interest of the wider crypto community.
For instance, in May 2021, Ethereum co-founder Vitalik Buterin received 410 trillion SHIB tokens from Shiba Inu’s anonymous founder, Ryoshi, as part of a marketing strategy. Buterin burned 410 trillion (90%) of the gifted SHIB tokens and donated the remaining 10% to charities. This unintentional engagement with Shiba Inu catapulted the token into the spotlight, prompting many investors to acquire it.
Furthermore, major crypto exchanges, including Binance, listed Shiba Inu in May 2021. The positive developments surrounding Shiba Inu at the time caused its price to skyrocket, eventually reaching an all-time high (ATH) of $0.00008845 on October 28, 2021.
Currently, SHIB is down 71.91% from its ATH, with each unit trading at $0.00002476. Shiba Inu currently holds the 11th position as the largest cryptocurrency, boasting a market capitalization of $14.57 billion.
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. The opinions expressed in this article are solely those of the author and do not reflect the stance of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.