1. Preface

Numerous friends, both online and offline, have expressed curiosity about my persistence with $shib. I have recounted my journey with $shib to various individuals on multiple occasions. Last year, due to continuous losses, I lacked the motivation to organize my thoughts. Now, taking advantage of this exceptionally dull market, I am revisiting this experience to summarize key lessons and insights for myself and others, serving as a reference for the next bull market.

This essay is not intended for boasting, as the profits I gained from major market movements were entirely lost—even if I wished to show off, I couldn’t. My sole aim is to endure this bear market and rise again alongside my peers.

From late January to early February 2021, $doge surged tenfold. At that time, because BTC dropped from $40K to under $30K, I stopped out my $doge long positions and felt profound regret. Simultaneously, I recognized a truth from $doge’s rally: if another opportunity arose, I must closely follow Elon Musk. This planted the seed for my later entry into $shib.

That period remains unforgettable. I slacked off at work during the day, slept minimally at night, actively participated in various groups to alleviate inner anxiety, and woke at midnight to see group members flaunting gains of tens or dozens of times.

Before purchasing $shib, many seasoned crypto acquaintances had already reached A8 status by holding bnb/cake or engaging in defi mining. I started in 2019 with a 200,000 RMB loan from CMB, which by 2020 had dwindled to 100,000 RMB. By early 2021, I held at most 200 coins, lagging far behind my peers. Mentally comparing myself, I realized that sticking with mainstream or common altcoins would prevent me from catching up, leaving me as a mere bag holder. I desperately wanted to seize a hot opportunity and harbored a strong desire to surprise everyone suddenly.

2. The Wheels of Fate Start Turning

Looking back, it has been two and a half years since this chart, yet it feels like yesterday.

On the morning of March 15, I shared this message in a small group; those few sentences contained significant information. I had researched it the previous night (March 14), and while I may not have been the very first person domestically to discover it, I specifically searched WeChat and found no mentions. Due to this lack of discussion, I lacked sufficient confidence to enter that night. On the morning of the 15th, I spotted the influential figure CX in another group and followed his lead to buy. That big shot was the renowned Mr. Li @liping007.

Small group CX $shib

Mr. Li leading the buy

I reviewed the records; that morning, approximately 650 billion was purchased, which at the current price equals 0.00000817650000000000 = $5.31 million USD, or at $shib’s peak price equals 0.00008836650000000000 = $57.43 million USD. Of course, this is theoretical—actual realized gains were much lower.

On-chain purchase records

The next image is a minor anecdote. At that time, Jinse Finance indeed released a news flash about $shib, but I forget the specifics. After reading it, I followed up with group members about CX, but due to Jinse Finance’s unreliability, most in the group ignored it.

Second CX $shib

From the purchase on March 15, it rose less than double before slowly declining. During the month from purchase to the sudden surge on MEXC on April 16, I was stuck in $fei with no available funds, so I sold $20K at cost and retained $30K in position. The $30K later halved to $15K.

At the end of March, the entire network was fomoing stablecoin $fei. I went all in with roughly 2 million RMB. Thus, the period when $SHIB didn’t rise was challenging—I had no capital to operate and endured seeing group members’ coins skyrocket. I genuinely feared this money might never return. Reflecting on how I struggled to earn it in the bull market only to lose it all was deeply despairing. Fortunately, the dark times cleared half a month later.

3. $shib’s First Crazy Pump (Resignation Incident)

April 16, an ordinary Friday, $SHIB launched on MEXC. Good brothers who had started a business with me visited Shenzhen; we dined, got massages, and reminisced. That weekend, I barely slept, chatting while keeping an unblinking eye on MEXC.

From April 16-19, it pumped over 20 times. I no longer cared about being locked in $fei.

I remain unsure why I was so resolute about not selling $shib. Perhaps my desire for a massive fortune was overwhelming. I recall being relatively clear-headed and even attempting swing trades to acquire cheaper positions.

On-chain recharge to gate.io

Here I must commend gate.io. Although I dislike its UI and interaction, other exchanges retain only one year of records, while gate.io appears to keep all trade histories, with very fast queries.

K-line chart of first pump

April 19, Monday. Around 10 am, I arrived at the office and opened WeCom to organize work. When I asked my leader to confirm a procedure, he responded as follows:

Suddenly got scolded

I was internally furious and thought, "Do whatever you want." After that, he summoned me to his office. Following half an hour of nagging, I asked, "Are you finished?" When he confirmed, I stated, "I’m resigning."

Saying that felt like a heroic reversal moment from a cultivation web novel. Primarily, I had endured his constant criticism for too long.

Looking back, I still believe I wasn’t ruthless enough—too concerned about appearances. I regret not confronting him directly in the work group chat. Truly: the more you suppress anger, the stronger it grows; retreating only leads to greater losses.

Submitting resignation

At that time, my $shib was worth about $600-700K USD total, plus funds stuck in $fei, totaling roughly $900K-$1M USD.

There’s a humorous anecdote about my resignation. I didn’t disclose my profits, as I’m naturally low-key, so I simply claimed my partner was in Guangzhou and I needed to return. This individual persisted in trying to retain me for half a month. Later, at a team-building event, he spoke to me privately, nagging to keep me. Unable to tolerate it, I finally admitted I had made some money and wanted to rest. He then realized he couldn’t retain me but still inquired about the amount. When I said 7-8 million RMB, he attempted to save face by remarking, "7-8 million isn’t much; a Shenzhen house would consume that," and I didn’t argue.

The funniest part occurred about a week later, roughly when I had cleared my positions; he asked again about crypto. I replied that the previous 7-8 million RMB was now nearly 20 million RMB. He fell silent, speechless, with no further face-saving attempts.

4. Clearing Out (Crazy Zoo)

After the pullback on April 20, it stabilized and moved steadily. This stability enabled me to hold—had it continued falling, I might have fled. In just over half a month, positive news flowed frequently. Discussions about $shib multiplied, and Elon Musk’s rocket launch spurred wild fan comments. Everyone believed it could rise further. Additionally, the three major exchanges had not yet listed it. By late April, Xue Manzi joined and publicly urged buys. Soon after, OKX (one of the big three) listed it.

Mr. Li energetically pumping everywhere

Never seen such intense CX-ing for a coin on WeChat Moments

I vividly recall $shib was listed on OKX at noon on May 8. That day, a friend at OKX hinted at a 12 pm launch, but I was out dining with my leader (resignation still pending) and wandered through an underground parking lot and elevator with poor signal, missing the opening and failing to sell at the peak. This incident deepened my resentment toward that leader.

Then Huobi (HTX) listed it shortly after. I reasoned that since OKX and Huobi had listed and pumped significantly, Binance, the largest exchange, wouldn’t list it so quickly. Thus, I cleared all positions, planning to buy back if it pulled back deeply. But shamelessly, Binance listed it on the 10th—under 48 hours later—causing me to miss half an A9 opportunity.

The rest is history: the "zoo" frenzy lasted over a week, culminating in the explosive May 19 pump. My journey with $shib concluded.

Three major exchanges listing consecutively in two days

5. Lessons & Summary

Achieving substantial wealth can stem from luck on a small scale, but fate on a larger one. Yet, those who alter fate appear accidental while relying on numerous preconditions. If you abandon everything and remain passive, even immortals cannot assist.

To amass significant money, you must dare to dream. I pondered: why could peers who started with me succeed while I couldn’t? Of course, I say this only because I succeeded; with bad luck, my experience might have been ordinary.

Major wealth depends on fate, but effort is foundational. I worked diligently during that period, even developing kidney stones from irregular sleep and schedules. I invested in every new project, studied it regardless of understanding, and gained an edge for similar future opportunities.

Perseverance is crucial. I surpassed most elementary, middle, and university classmates through this fighting spirit. Especially in this market, you may abstain from trading, but never leave the circle. Fate’s wheels will turn to you.

In investing, risk management (position management) is paramount. I suffered heavy losses this bear market by neglecting it. All I can pledge is to prioritize it in the next bull market.

Finally, I wish all friends seeking fortune in crypto to find their own $shib.

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