Home Cryptocurrency FOMO Made Crypto Dealer Lose 6,039 SOL

FOMO Made Crypto Dealer Lose 6,039 SOL

FOMO Made Crypto Dealer Lose 6,039 SOL


Cryptocurrency merchants continually search for the following massive undertaking to yield vital income. Nevertheless, not all of their investments end in large features.

A latest report by Lookonchain revealed {that a} dealer misplaced greater than $1 million inside three days.

When Shopping for Excessive Doesn’t Consequence In Promoting Greater

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, value round $1 million.

The completely different transactions occurred when the value hovered between $0.eight and $1.Four on its launch day. A few hours later, the dealer bought its SLERF tokens, dropping 2,793 SOL after the token’s value plunged to the $0.4-$0.6 vary, for a lack of $564,000.

Seemingly, the worry of lacking out made the dealer purchase SLERF a second time when the value neared its all-time excessive (ATH) of $1.30. The tackle purchased Three million Slerf at $1.17, spending 19,133 SOL, value round $3.152 million.

On the time, the pending query was whether or not the dealer would revenue from this second try or lose more cash. As Lookonchain reported, the FOMO purchaser bought all their SLERF tokens at a loss once more, dropping 6,039 SOL, value $1.15 million.

The Slerf token, which has been everywhere in the information for its dramatic launch, noticed a big value 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 prior to now 24 hours.

A second dealer misplaced 3,731 SOL, value $775,000, only one hour after shopping for 790,236 SLERF at its ATH value. The dealer then doubled down on its guess and purchased one other 650,000 SLERF. Unluckily, the token’s value plummeted after each purchases.

Is The Crypto Presale Meta Hand In Hand With FOMO?

To color a good 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 instances, this dealer purchased SMOLE and misplaced 371 SOL. Later, the tackle spent 2,549 SOL to purchase SLERF.

SMOLE, regardless of solely being out for at some point, has already seen large criticism and a 17.1% value drop. At writing time, the memecoin is altering arms at $0.0001499, a 70.39% lower from its highest value of $0.0005086.

As this may counsel, FOMO seemingly drives memecoin merchants’ selections throughout this presale meta. The pattern has seen lots of of tens of millions of {dollars} despatched to memecoins, most of which report tens of millions in losses for traders.

Regardless of skilled merchants having the ability to revenue from this pattern, the present numbers trace at a substantial quantity of merchants dropping large figures whereas attempting to catch the following memecoin to go “turbo parabolic,” even when it doesn’t have a long-term roadmap.

SOL, SOLUSDT, Crypto, Solana, Slerf, Smole

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 individual analysis earlier than making any funding selections. Use data offered on this web site fully at your individual threat.



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