Cryptocurrency merchants are consistently on the lookout for the following huge factor to generate substantial earnings. Nonetheless, not all investments result in enormous returns.
A latest report from Lookonchain revealed that one dealer misplaced over $1 million in three days.
When shopping for increased doesn’t result in promoting increased
In response to knowledge from blockchain analysis platform Lookonchain, one cryptocurrency dealer misplaced 6,039 SOL up to now three days on account of FOMO shopping for memecoin. In response to the report, the dealer bought Slerf (SLERF) for 4,958 SOL, which is price roughly $1 million.
On launch day, when the value was hovering between $0.8 and $1.4, completely different trades occurred. Just a few hours later, the dealer offered the SLERF token and the token worth plummeted to the $0.4-$0.6 vary, shedding 2,793 SOL and a lack of $564,000.
this #FOMO Consumers all offered $SLERF Loss 6,039 $SOLonce more ($1.15 million).
Then he saved all $SOL arrive #binance and will now not commerce #MEMEcoins.https://t.co/ubHQwYoM54 pic.twitter.com/RIJkDF103C
— Lookonchain (@lookonchain) March 21, 2024
It seems that as the value approached the all-time excessive (ATH) of $1.30, merchants purchased SLERF for a second trip of concern of lacking out. This handle bought 3 million Slerf for $1.17, which price 19,133 SOL and was price roughly $3.152 million.
On the time, the open query was whether or not merchants would revenue or lose more cash from their second try. In response to Lookonchain reviews, FOMO patrons as soon as once more offered all SLERF tokens at a loss, shedding 6,039 SOL, price $1.15 million.
The Slerf token was within the information for its dramatic launch, with its worth dropping an enormous 52.39% from ATH the day after its launch. As of this writing, SLERF is buying and selling at $0.6351, down 18.4% up to now 24 hours.
Oh shit#slev #Slerfthesloth #slerfsup $slerf pic.twitter.com/MZes6fVjHN
— Slerfsol (@Slerfsol) March 22, 2024
second dealer lost 3,731 SOL, price $775,000, and 790,236 SLERF at ATH worth only one hour later. The dealer then doubled down and bought one other 650,000 SLERF. Sadly, the value of the coin plummeted after each purchases.
Are Cryptocurrency Pre-Gross sales Carefully Correlated with FOMO?
To color the larger image, one other cryptocurrency dealer misplaced cash yesterday after buying a unique “presale greenback” meme coin. Though these numbers are milder than the opposite two instances, this dealer purchased SMOLE and misplaced 371 SOL. Later, the handle spent 2,549 SOL to buy SLERF.
This man all the time buys excessive and sells low.
he misplaced cash $resin Two in simply 20 minutes, a complete lack of 371 $SOL($70,000).
Then he spent all 2,549 $SOL($484,000) Buy $SLERF.https://t.co/X4aRpNrZuC pic.twitter.com/oZlWkyKD8B
— Lookonchain (@lookonchain) March 21, 2024
SMOLE Though I solely went out for in the future, I’ve already seen it a lot of criticism Costs fell 17.1%. As of this writing, memecoin is altering fingers at $0.0001499, down 70.39% from its highest worth of $0.0005086.
As this may occasionally point out, FOMO seems to be driving memecoin merchants’ selections throughout this presale meta. This pattern has resulted in lots of of tens of millions of {dollars} flowing into meme cash, most of which resulted in multi-million greenback losses for buyers.
Go for it! pic.twitter.com/AT8iMZchdQ
— We Give Cryptocurrency (@AstroCryptoGuru) March 20, 2024
Though skilled merchants can profit Taking a look at this pattern, present numbers recommend that fairly a number of merchants are shedding cash attempting to catch the following meme coin “Turbo Parabola”, 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
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