The crypto trading community often witnesses crypto investors making heavy returns on the simplest events. However, the opposite scenario is also common, making the crypto market famous for its volatility. Recently, a crypto trader, regarded as a whale due to its long holding, faced continuous market volatility and lost millionaire status in just 16 hours. How? Let’s discuss.
Crypto Trader Loses Millionaire States to Memecoin Volatility
After a slump, the crypto market began recovering, sending many new milestones. The expectations are even higher for the next four years, as Donald Trump is now the 47 U.S. president. More importantly, Trump launched his official memecoin. In this period of bullishness, crypto became the victim of volatility.
Here, a series of trades turn the trader’s millionaire status. All this happened within 16 hours when the crypto trader known for its bets was left with misfortunes. This trader has invested heavily in Barron but gained losses only, so it sold all at the bottom. The trader spent nearly a million dollars on three trending Meme Coins to recover the losses. However, he is now left with just $40k, becoming the prime example of FOMO and misjudgments.
Barron, TRUMP & Fartcoin Meme Coins Drowned The Trader More
According to the PostedGo X post, a crypto whale invested in three popular meme coins, but every investment was lost. This began with TRUMP, Donald Trump’s official meme coin. It is a new market sensation with high volatility, resulting in frequent drops. The crypto trader lost to the same.
After this, the trader opted for another meme cryptocurrency, Elon Hitler (Etler), which also failed. Despite having the name Elon, this meme coin had no connection to Elon Musk, but there is speculation about him launching one someday. The investor’s Etler loss pushed him to Fartcoin, which had a history of gains. However, to the investor’s bad luck, this failed again, leaving him with just $40,697 out of his $1M investment.
What’s The Lesson For You?
Meme coins built their image in 2024, when many, like PEPE and others, offered heavy returns. However, these returns are built on community hype and viral marketing, which does not last long, resulting in losses for late investors. The same happened with the aforementioned crypto trader, who invested when the hype declined. However, another bigger mistake was selling these coins even at a loss rather than waiting for recovery. This is why the investor lost $60k, as the person moved to the next trade, hoping to settle the loss. The crypto trading industry is a challenging sport, where various miscellaneous events affect crypto prices, so investment with proper research, risk management, and much more is needed to stay profitable in the market.
The post How These 3 Meme Coins Led to Crypto Trader’s Fall From Millionaire Status? appeared first on CoinGape.
