An individual investor, who was introduced to cryptocurrencies in late 2020, was upset with a 90% loss after buying $2,000 of altcoins unaware of the upcoming bull. “I’m so sorry,” says the unfortunate, who appeared in a TikTok video last year.
Sold early: Could have made $1 billion
The unlucky investor Damien Slash (@damienslash) bought $2,000 worth of Shiba Inu (SHIB) in January 2021, just weeks before a historic rally began. SHIB was trading at $0.000000000077295 (10 zeros) at the time, but the investor did not know that the token would quickly wipe out the six ‘zeroes’ in 10 months.
A $2,000 investment allowed the user to accumulate 25,874,894,883,239 (25 trillion tokens) in January 2021. The investor explained that he panicked when the SHIB price dropped within a few days of his purchase and sold all the tokens at a loss.
SHIB was among the worst performing cryptocurrencies in 2020 and did not want to risk investor money. So he backed off, assuming that his investment would melt away and never recover. In terms of context, SHIB’s price fell as a percentage of a $100 investment that fell to $2 in two months.
He missed $1 billion by selling his altcoin investment early
Whether misfortune or bad decision, 25 trillion SHIB would be worth $1 billion in October 2021 that same year. SHIB reached its ATH level of $0.00008616 10 months later. It was up 67,000,000 percent (67 million percent), and $2,000 could skyrocket to $1 billion. The investor shared his reaction in a TikTok video in October 2021 after seeing Shiba reach the ATH level:
I just got a message from a few friends and they told me that the Shiba Inu has increased 67 million percent since January. Now in January (2021), I was browsing Reddit and came across a recommendation to buy meme coins. One of them was SHIB. That’s when I put in $2,000 and left it for a few weeks. It fell and I sold it at a loss.
How is the Shiba Inu (SHIB) doing now?
Despite the market rally in March, SHIB is trading at a discount of 87.29% from the ATH price of $0.000008845. It recently recovered strongly after holding the $0.00001030 support. At the time of writing, price action was on the verge of a bullish crossover of over 5%. However, in order to reach old highs, the bulls must first overcome a significant resistance.
Meanwhile, Bitcoin’s price has also reclaimed its local highs of $26,000 and could help SHIB recover if it doesn’t drop below recent highs.
The Shiba Inu has followed the overall momentum in the market over the past year following the November 2021 bull. It was on the decline through 2022 and rarely rally as it used to. The biggest catalyst currently supporting the Shiba Inu price is Shibarium, which launched on the testnet earlier this week. cryptocoin.comAs we have mentioned, there are some concerns about this issue as well.