FOMO Made Crypto Dealer Lose 6,039 SOL

Posted on by pronewsblog.com
4 min read

Cryptocurrency merchants consistently search for the following large mission to yield important income. Nonetheless, not all of their investments lead to huge features.

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

When Shopping for Excessive Doesn’t Outcome In Promoting Greater

Based on 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 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 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 tackle 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 bought all their SLERF tokens at a loss once more, dropping 6,039 SOL, price $1.15 million.

The Slerf token, which has been all around the information for its dramatic launch, noticed a major 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 up to now 24 hours.

A second dealer misplaced 3,731 SOL, price $775,000, only one hour after shopping for 790,236 SLERF at its ATH value. The dealer then doubled down on its wager 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 an excellent greater image, one other crypto dealer misplaced cash yesterday after shopping for a distinct ‘presale meta’ memecoin. Though the figures are extra modest than the opposite two circumstances, 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 huge criticism and a 17.1% value drop. At writing time, the memecoin is altering palms at $0.0001499, a 70.39% lower from its highest value of $0.0005086.

As this may recommend, FOMO seemingly drives memecoin merchants’ selections throughout this presale meta. The pattern has seen lots of of thousands and thousands of {dollars} despatched to memecoins, most of which report thousands and thousands 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 huge 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 signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You might be suggested to conduct your individual analysis earlier than making any funding selections. Use info offered on this web site totally at your individual danger.

You May Also Like

More From Author

+ There are no comments

Add yours