Unlucky Trader Lost Almost $1 Million After Dealing With Newly Launched Meme Coin – Details

TL;DR

An investor spent $916,000 on a Trump-related meme coin (RTR) fueled by FOMO, only to lose almost everything when the coin’s value crashed shortly after. While some traders suffer losses due to FOMO, others who enter the market at the right time can make substantial gains. However, the meme coin market remains very dangerous and investors should be very cautious when diving into it. The FOMO effect

Meme coins have been one of the highlights of the crypto space in recent months, with many witnessing explosive price increases in a short period of time. However, their volatile nature makes them quite unpredictable, meaning traders can be caught off guard and lose significant sums.

This was the case for one investor who recently spent 5,800 SOL (approximately $916,000) to buy 7.2 million RTRs. Restore the Republic (RTR) is a meme coin related to Donald Trump, whose valuation skyrocketed a few hours ago, but plummeted shortly after.

Initially, he was thought to have some connection with Trump’s son, who published a cryptic post on X. On the other hand, he warned users of “fake tokens” that have littered the space, saying that the only project Trump’s official has not been announced. still

Amid speculation, the price of RTR peaked, leading to Fear of Missing Out (FOMO). The aforementioned trader entered the ecosystem at that time and sold the storage four hours later for only 113.3 SOL ($18,000) after the valuation crashed. The overall investment loss equals almost $900,000.

The FOMO effect is a psychological phenomenon that drives individuals to make impulsive decisions based on the fear of missing out on a potentially profitable opportunity.

The unsuccessful trade should serve as another warning that people should conduct proper due diligence and invest only as much as they are willing to lose before jumping on the bandwagon. For more vital tips, feel free to check out our dedicated video below:

Those who choose the right horses

On the other hand, numerous smart traders entered the ecosystem at the right time and made substantial profits afterwards.

CryptoPotato reported that one investor bought almost 50 billion SHIB tokens in 2021, spending just $2,500. Should they decide to sell the storage, the profit would be about $700,000 (at current rates).

Another trader bought 2.58 million dogwifhat (WIF) tokens in November last year, spending just $310. Currently, the person has a huge paper profit of $4.8 million.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

2024 LIMITED OFFER on BYDFi Exchange – Up to $2888 Welcome Reward, Use this link to register and open a 100 USDT-M position for free!