- #1
Thread Owner
Traced from Solana explorer, an unknown meme coin trader seems to have applied the wrong trading strategy so that he has made a loss of $64 thousand in just 3 minutes. According to the information I got from @Lookonchain on the Telegram channel, it started when he was interested in Solana memecoin RICH, the price dropped by 50% and hoped that the price would go up soon, so he bought RICH tokens with 198 Solana or equivalent to $39k, but after completing the purchase transaction, the price of RICH tokens suddenly dropped 60% and he panicked, and immediately sold it and only got 76 SOL or equivalent to $15k, so he had lost 122 SOL or $24k.
But it seems that this trader is trapped in a FOMO loop, so instead of stopping or retreating, he hopes that there will be a potential rebound so he buys another 297 SOL RICH token or the equivalent of $ 59k, unfortunately his prediction was wrong and the price continued to fall and he panicked and sold the RICH token and got 94 SOL or the equivalent of $ 19k and he lost 203 SOL or the equivalent of $ 40k. So in just three minutes he has lost or suffered a loss of 325 SOL or $ 64k.
Just a suggestion from me:
The crypto market, especially memecoin, is very, very volatile, so traders need to be careful and not be reckless and get caught up in panic selling and FOMO. This tragic story is also a lesson for crypto traders that not every price drop is a golden opportunity, and not all price increases are signals to enter the market. Crypto trading requires patience, good skills, experience, stop loss settings, deep and detailed technical analysis before making decisions, besides that traders also need to practice emotional control.
But it seems that this trader is trapped in a FOMO loop, so instead of stopping or retreating, he hopes that there will be a potential rebound so he buys another 297 SOL RICH token or the equivalent of $ 59k, unfortunately his prediction was wrong and the price continued to fall and he panicked and sold the RICH token and got 94 SOL or the equivalent of $ 19k and he lost 203 SOL or the equivalent of $ 40k. So in just three minutes he has lost or suffered a loss of 325 SOL or $ 64k.
Just a suggestion from me:
The crypto market, especially memecoin, is very, very volatile, so traders need to be careful and not be reckless and get caught up in panic selling and FOMO. This tragic story is also a lesson for crypto traders that not every price drop is a golden opportunity, and not all price increases are signals to enter the market. Crypto trading requires patience, good skills, experience, stop loss settings, deep and detailed technical analysis before making decisions, besides that traders also need to practice emotional control.
