FOMO and panic buying cost meme coin traders millions

2 Min Read

Though the meme coin frenzy has made a number of millionaires this month, some merchants have suffered vital losses on account of worry of lacking out and panic buying and selling. 

The market has seen an unprecedented rally of latest Solana-based meme cash in March. Since final week, 33 Solana meme coin presales have raised almost $150 million in investments.

One instance is Guide of Meme (BOME), launched only a week in the past and surged over 18,000%. In consequence, many merchants who invested within the presale noticed million-dollar returns. One other Solana-based meme token, Slerf, surged over 100% in two days, as many buyers retained millions in simply minutes of buying and selling. 

Nonetheless, a number of merchants, pushed by the worry of lacking out, have been panic-buying these tokens at peak costs, solely to expertise huge losses. One dealer skilled a staggering lack of $775,000. inside simply an hour by trading SLERF. 

In the end, the dealer offered all of his holdings. One other dealer invested $1 million in SLERF, solely to lose almost 1 / 4 of the funding yesterday. 

Lookonchain additionally noticed a dealer who misplaced cash on 11 completely different meme cash over three days on account of fixed worry of lacking out (FOMO) pushed selections, culminating in a complete lack of $147,000. Nonetheless, panic buying and selling wasn’t restricted to meme cash. A dealer misplaced almost $40 million by consistently selling Bitcoin, which has declined over the previous week. 

Follow Us on Google News

Source link

Share This Article
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *