An unknown trader lost a total of 754 SOL ($152,320 at the time of writing) in three days on memcoin price surges. Looksonchain experts report this.
Not everyone can make money by trading #memecoins on #Solana!
This guy traded 11 #memecoins in 3 days, losing money on each one, for a total loss of 754 $SOL($147K).
He seems to be very #FOMOalways buying high and selling low.https://t.co/lxijIqGLZC pic.twitter.com/f7KfOf5i17
— Lookonchain (@lookonchain) March 17, 2024
The user invested primarily in little-known memcoins. Among them there are, for example, BOOK OF PEPE (BOPE), IQ50 (IQ50), DogWifHat Twin (SAM) and others.
The minimum investment was 1.1 SOL ($222), the maximum was 1150 SOL ($232,300). In total, the trader spent 3,160 SOL ($638,320) on investments.
After selling the tokens, he received 2406 SOL ($486,000). Thus, his net loss amounted to about $152,000. It is noteworthy that absolutely all of the investments analyzed brought him only losses.
Experts noted that the trader, judging by his behavior, is susceptible to the syndrome of lost profits (FOMO).
This was expressed in the fact that the user bought tokens in the growth phase and sold them when they fell.
The memcoin market is highly volatile. There have been similar precedents before. For example, one trader became a millionaire thanks to investments in PEPE, another lost $540,000 on this asset.
Source: Cryptocurrency
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