Buy High, Sell Low: FOMO Made This Crypto Trader Lose 6,039 SOL
March 22 2024 - 5:00PM
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Cryptocurrency traders constantly look for the next big project to
yield significant profits. However, not all of their investments
result in massive gains. A recent report by Lookonchain revealed
that a trader lost more than $1 million within three days. Related
Reading: Leading The Pack: Solana Captures Nearly 50% Of Global
Crypto Attention When Buying High Doesn’t Result In Selling Higher
According to the blockchain research platform Lookonchain, a crypto
trader lost 6,039 SOL over the last three days after FOMO-buying a
memecoin. Per the report, the trader bought Slerf (SLERF) for 4,958
SOL, worth around $1 million. The different transactions occurred
when the price hovered between $0.8 and $1.4 on its launch day. A
couple of hours later, the trader sold its SLERF tokens, losing
2,793 SOL after the token’s price plunged to the $0.4-$0.6 range,
for a loss of $564,000. This #FOMO buyer sold all $SLERF at a loss
of 6,039 $SOL($1.15M) again. Then he deposited all his $SOL to
#Binance and may no longer trade #MEMEcoins.https://t.co/ubHQwYoM54
pic.twitter.com/RIJkDF103C — Lookonchain (@lookonchain) March 21,
2024 Seemingly, the fear of missing out made the trader buy SLERF a
second time when the price neared its all-time high (ATH) of $1.30.
The address bought 3 million Slerf at $1.17, spending 19,133 SOL,
worth around $3.152 million. At the time, the pending question was
whether the trader would profit from this second attempt or lose
more money. As Lookonchain reported, the FOMO buyer sold all their
SLERF tokens at a loss again, losing 6,039 SOL, worth $1.15
million. The Slerf token, which has been all over the news for its
dramatic launch, saw a significant price decrease of 52.39% from
the ATH registered the day after launch. At writing time, SLERF is
trading at $0.6351, an 18.4% decrease in the past 24 hours. oh
fuck#Slerf #Slerfthesloth #slerfsup $slerf
pic.twitter.com/MZes6fVjHN — Slerf (@Slerfsol) March 22, 2024 A
second trader lost 3,731 SOL, worth $775,000, just one hour after
buying 790,236 SLERF at its ATH price. The trader then doubled down
on its bet and bought another 650,000 SLERF. Unluckily, the token’s
price plummeted after both purchases. Is The Crypto Presale Meta
Hand In Hand With FOMO? To paint an even bigger picture, another
crypto trader lost money yesterday after buying a different
‘presale meta’ memecoin. Although the figures are more modest than
the other two cases, this trader bought SMOLE and lost 371 SOL.
Later, the address spent 2,549 SOL to buy SLERF. This guy always
buys high and sells low. He lost money on $SMOLE twice in just 20
minutes, with a total loss of 371 $SOL($70K). Then he spent all
2,549 $SOL($484K) to buy $SLERF.https://t.co/X4aRpNrZuC
pic.twitter.com/oZlWkyKD8B — Lookonchain (@lookonchain) March 21,
2024 SMOLE, despite only being out for one day, has already seen
massive criticism and a 17.1% price drop. At writing time, the
memecoin is changing hands at $0.0001499, a 70.39% decrease from
its highest price of $0.0005086. As this might suggest, FOMO
seemingly drives memecoin traders’ decisions during this presale
meta. The trend has seen hundreds of millions of dollars sent to
memecoins, most of which report millions in losses for investors.
2024 is a #FOMO #YOLO kind of year go for it !
pic.twitter.com/AT8iMZchdQ — Crypto Damus (@AstroCryptoGuru) March
20, 2024 Despite experienced traders being able to profit from this
trend, the current numbers hint at a considerable amount of traders
losing massive figures while trying to catch the next memecoin to
go “turbo parabolic,” even if it doesn’t have a long-term roadmap.
Related Reading: Trezor X Account Hacked: How Much Was Taken In The
Fake Crypto Presale? SOL is trading at $172.25 in the 1-day chart.
Source: SOLUSDT on Trading.view.com Featured Image from
Unsplash.com, Chart from TradingView.com
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