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Aquire High, Promote Low: FOMO Made This Crypto Trader Lose 6,039 SOL

Aquire High, Promote Low: FOMO Made This Crypto Trader Lose 6,039 SOL

Cryptocurrency traders constantly stumble on for the next sizable mission to yield valuable profits. Alternatively, no longer all of their investments end result in extensive beneficial properties.

A most unusual document by Lookonchain published that a trader lost bigger than $1 million within three days.

When Shopping High Doesn’t Consequence In Promoting Elevated

In step with the blockchain learn platform Lookonchain, a crypto trader lost 6,039 SOL over the final three days after FOMO-shopping for a memecoin. Per the document, the trader sold Slerf (SLERF) for 4,958 SOL, price around $1 million.

The quite loads of transactions took place when the price hovered between $0.8 and $1.4 on its open day. A number of hours later, the trader offered its SLERF tokens, losing 2,793 SOL after the token’s impress plunged to the $0.4-$0.6 fluctuate, for an absence of $564,000.

This #FOMO buyer offered all $SLERF at an absence of 6,039 $SOL($1.15M) all yet again.

Then he deposited all his $SOL to #Binance and would possibly perhaps perhaps presumably presumably no longer replace #MEMEcoins.https://t.co/ubHQwYoM54 pic.twitter.com/RIJkDF103C

— Lookonchain (@lookonchain) March 21, 2024

Apparently, the dread of lacking out made the trader purchase SLERF a 2d time when the price neared its all-time high (ATH) of $1.30. The take care of sold 3 million Slerf at $1.17, spending 19,133 SOL, price around $3.152 million.

At the time, the pending quiz changed into whether the trader would revenue from this 2d strive or lose extra cash. As Lookonchain reported, the FOMO buyer offered all their SLERF tokens at a loss all yet again, losing 6,039 SOL, price $1.15 million.

The Slerf token, which has been all the procedure in the course of the news for its dramatic open, saw a extensive impress decrease of 52.39% from the ATH registered the day after open. At writing time, SLERF is trading at $0.6351, an 18.4% decrease in the previous 24 hours.

oh fuck#Slerf #Slerfthesloth #slerfsup $slerf pic.twitter.com/MZes6fVjHN

— Slerf (@Slerfsol) March 22, 2024

A 2d trader lost 3,731 SOL, price $775,000, true one hour after shopping for 790,236 SLERF at its ATH impress. The trader then doubled down on its guess and sold one more 650,000 SLERF. Unluckily, the token’s impress plummeted after every purchases.

Is The Crypto Presale Meta Hand In Hand With FOMO?

To color an very good bigger image, one more crypto trader lost cash the day prior to this after shopping for a varied ‘presale meta’ memecoin. Even though the figures are extra modest than the other two conditions, this trader sold SMOLE and lost 371 SOL. Later, the take care of spent 2,549 SOL to private SLERF.

This man progressively buys high and sells low.

He lost cash on $SMOLE twice in only 20 minutes, with a total lack of 371 $SOL($70K).

Then he spent all 2,549 $SOL($484K) to private $SLERF.https://t.co/X4aRpNrZuC pic.twitter.com/oZlWkyKD8B

— Lookonchain (@lookonchain) March 21, 2024

SMOLE, no topic simplest being out for one day, has already considered extensive criticism and a 17.1% impress fall. At writing time, the memecoin is changing fingers at $0.0001499, a 70.39% decrease from its best doubtless impress of $0.0005086.

As this would possibly perhaps occasionally counsel, FOMO reputedly drives memecoin traders’ decisions at some level of this presale meta. The sort has considered a total bunch of millions of dollars sent to memecoins, most of which document millions in losses for investors.

2024 is a #FOMO #YOLO roughly year

dash for it ! pic.twitter.com/AT8iMZchdQ

— Crypto Damus (@AstroCryptoGuru) March 20, 2024

No topic skilled traders being ready to revenue from this sort, the most unusual numbers hint at a substantial amount of traders losing extensive figures while seeking to get the next memecoin to dash “turbo parabolic,” even though it doesn’t possess a prolonged-interval of time roadmap.

SOL, SOLUSDT, Crypto, Solana, Slerf, Smole

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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