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Cryptocurrency merchants continuously search for the subsequent large undertaking to yield vital income. Nevertheless, not all of their investments lead to large features.
A current report by Lookonchain revealed {that a} dealer misplaced greater than $1 million inside three days.
When Shopping for Excessive Doesn’t End result In Promoting Increased
In accordance with the blockchain analysis platform Lookonchain, a crypto dealer misplaced 6,039 SOL over the past three days after FOMO-buying a memecoin. Per the report, the dealer purchased Slerf (SLERF) for 4,958 SOL, price round $1 million.
The totally different transactions occurred when the worth hovered between $0.8 and $1.4 on its launch day. A few hours later, the dealer offered its SLERF tokens, shedding 2,793 SOL after the token’s worth plunged to the $0.4-$0.6 vary, for a lack of $564,000.
This #FOMO purchaser offered all $SLERF at a lack of 6,039 $SOL($1.15M) once more.
Then he deposited all his $SOL to #Binance and will now not commerce #MEMEcoins.https://t.co/ubHQwYoM54 pic.twitter.com/RIJkDF103C
— Lookonchain (@lookonchain) March 21, 2024
Seemingly, the concern of lacking out made the dealer purchase SLERF a second time when the worth neared its all-time excessive (ATH) of $1.30. The handle purchased 3 million Slerf at $1.17, spending 19,133 SOL, price round $3.152 million.
On the time, the pending query was whether or not the dealer would revenue from this second try or lose extra money. As Lookonchain reported, the FOMO purchaser offered all their SLERF tokens at a loss once more, shedding 6,039 SOL, price $1.15 million.
The Slerf token, which has been all around the information for its dramatic launch, noticed a major worth lower of 52.39% from the ATH registered the day after launch. At writing time, SLERF is buying and selling at $0.6351, an 18.4% lower up to now 24 hours.
oh fuck#Slerf #Slerfthesloth #slerfsup $slerf pic.twitter.com/MZes6fVjHN
— Slerf (@Slerfsol) March 22, 2024
A second dealer misplaced 3,731 SOL, price $775,000, only one hour after shopping for 790,236 SLERF at its ATH worth. The dealer then doubled down on its wager and acquired one other 650,000 SLERF. Unluckily, the token’s worth plummeted after each purchases.
Is The Crypto Presale Meta Hand In Hand With FOMO?
To color an excellent greater image, one other crypto dealer misplaced cash yesterday after shopping for a unique ‘presale meta’ memecoin. Though the figures are extra modest than the opposite two circumstances, this dealer purchased SMOLE and misplaced 371 SOL. Later, the handle spent 2,549 SOL to purchase SLERF.
This man all the time buys excessive and sells low.
He misplaced cash on $SMOLE twice in simply 20 minutes, with a complete lack of 371 $SOL($70K).
Then he spent all 2,549 $SOL($484K) to purchase $SLERF.https://t.co/X4aRpNrZuC pic.twitter.com/oZlWkyKD8B
— Lookonchain (@lookonchain) March 21, 2024
SMOLE, regardless of solely being out for sooner or later, has already seen large criticism and a 17.1% worth drop. At writing time, the memecoin is altering fingers at $0.0001499, a 70.39% lower from its highest worth of $0.0005086.
As this would possibly recommend, FOMO seemingly drives memecoin merchants’ selections throughout this presale meta. The development has seen tons of of tens of millions of {dollars} despatched to memecoins, most of which report tens of millions in losses for traders.
2024 is a #FOMO #YOLO type of yr
go for it ! pic.twitter.com/AT8iMZchdQ
— Crypto Damus (@AstroCryptoGuru) March 20, 2024
Regardless of skilled merchants with the ability to revenue from this development, the present numbers trace at a substantial quantity of merchants shedding large figures whereas attempting to catch the subsequent memecoin to go “turbo parabolic,” even when it doesn’t have a long-term roadmap.
SOL is buying and selling at $172.25 within the 1-day chart. Supply: SOLUSDT on Buying and selling.view.com
Featured Picture from Unsplash.com, Chart from TradingView.com
Disclaimer: The article is offered for instructional functions solely. It doesn’t symbolize the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your personal analysis earlier than making any funding selections. Use info offered on this web site totally at your personal threat.
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