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Cryptopolitan 2024-11-29 15:07:19

FOMO: Here’s a cautionary tale of why you should never chase rising prices

FOMO: Here’s a cautionary tale of why you should never chase rising prices

The fear of missing out (FOMO) cost a trader $202k in losses in the past few days. The trader initially made a small profit by buying the $1 memecoin and quickly flipping it for USDC and SOL. The trader then chased $1/SOL prices with a large position size and cashed out at a staggering loss. Onchain Lens has revealed that a trader lost $202k in less than 2 days flipping crypto assets due to the psychological pressure caused by FOMO. According to the blockchain intelligence platform, the trader first got involved in the trade with a small size before doubling down on the second position. Although they realized a small gain in the first position, the second was disastrous, causing the subsequent loss. Trader loses $202k due to FOMO 🚨 A Lesson on #FOMO 🚨 Here’s a cautionary tale of why you should never chase rising prices: • 3 days ago, a trader bought 390.8k $1 for 6 $SOL ($1,390). He quickly flipped them for $2,323 $USDC and 3.86 $SOL ($893), pocketing a small profit. • Encouraged by the hype, he… pic.twitter.com/uXxEftJg5B — Onchain Lens (@OnchainLens) November 29, 2024 The trader’s first position on 26th November involved a $1,390 size where they purchased 390.8k $1 for 6 SOL. The trader then quickly cashed out his $1 holdings by converting the tokens to SOL and USDC. At the end of the transaction, the trader had $2,323 $USDC and 3.86 $SOL ($893), realizing a net gain of $1,826. The quick profits encouraged the trader to try the same trade on the 27th. This time, the trader got involved with a larger size, aiming for more profits. The trader liquidated his $USDC, $SOL, $CHILLGUY, and $MICHI, totaling $237K, and bought 3.22 million of $1. Unfortunately, he had bought the top candle, and the $1/SOL market began to dip. They held the position for nearly three days and exited today, turning the $237K investment into $17,823. At the end of the second trade, the trader had lost $202k. Another trader loses $654k in a day On November 27th, Lookonchain flagged another trader who owns a wallet named sbfonchain.sol. The trader lost $654k in a day. According to the blockchain intelligence platform, the trader held WIF memecoin for less than a day and sold the holdings for 4.08 million USDC, losing $654k in the process. On November 21st, another trader lost $166.2k in two days due to FOMO. The trader bought Quant on November 21st, only for the price to drop. They then proceeded to sell Quant, losing $83.9k. In another round, the trader bought LETHIMCOOK coin, which also dropped immediately, costing him $81.3k. Another trader lost $1.55 million after investing in FLAVIA at a premium price due to FOMO. The token dropped significantly immediately after the purchase, and the trader cashed out only $303k. While navigating the memecoin ecosystem may yield massive profits, the massive price swings may also cause devastating losses to investors. A Step-By-Step System To Launching Your Web3 Career and Landing High-Paying Crypto Jobs in 90 Days.

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