thecryptobasic.com
Prominent crypto investor Jake Gagain has taken to X to reveal his personal experience with Shiba Inu (SHIB), highlighting his only regret about the doggy-themed token.
In a recent X post, Gagain revealed that his initial Shiba Inu purchase was in April 2021, when the asset’s market cap was around $100 million.
Although Gagain did not disclose the worth of his initial SHIB purchase, he expressed regrets over not purchasing more Shiba Inu tokens when the asset was valued at $100 million.
I Bought $SHIB At A 100m Market Cap In April 2021.
My Only Regret Is Not Buying More.
— JAKE (@JakeGagain) April 22, 2024
Gagain’s regret reflects a similar sentiment among early crypto investors who, after experiencing significant return on their investment, wished they had invested more money to maximize their returns.
Shiba Inu Journey to Fame
As of April 2021, Shiba Inu had not garnered much attention among crypto enthusiasts. Notably, many investors expected it to fade away, given that it launched as a meme coin. The trend with most meme coins is to record a minimal surge and then fade to oblivion or get rugged.
When Gagain bought his first SHIB, the token was trading with multiple zeros after its decimal point. Considering Shiba Inu’s hefty supply of 1 quadrillion tokens, a $100 million market cap would put the price of Shiba Inu at $0.0000001.
Shortly after Gagain bought his first SHIB tokens, Shiba Inu started seeing major developments and significant price upswings that attracted the interest of the broader crypto community.
For instance, in May 2021, Ethereum co-founder Vitalik Buterin sent 410 trillion SHIB tokens to a dead wallet. The tokens were gifted to him by Shiba Inu’s pseudonymous founder, Ryoshi, as part of a marketing strategy. Notably, Ryoshi sent 50% of SHIB’s supply (500 trillion SHIB) to Buterin.
While Buterin burned 410 trillion (90%) of the gifted SHIB tokens, he sent the remaining 10% to charities. Buterin’s engagement with Shiba Inu inadvertently put SHIB in the limelight, with many investors flocking to acquire the token.
Additionally, top crypto exchanges, including Binance, also listed Shiba Inu in May 2021. The positive developments surrounding Shiba Inu at the time caused its price to spike, eventually reaching an all-time high (ATH) of $0.00008845 on October 28, 2021.
At press time, SHIB is down 71.91% from its all-time high, with a unit trading at $0.00002476. Shiba Inu is currently ranked as the 11th-largest cryptocurrency, with a market cap of $14.57 billion.