When Buying High Doesn’t Result In Selling Higher
According to the blockchain research platform Lookonchain, a crypto trader lost 6,039 SOL over the last three days after FOMO-buying a memecoin. Per the report, the trader bought Slerf (SLERF) for 4,958 SOL, worth around $1 million.
This buyer sold all at a loss of 6,039 ($1.15M) again. Then he deposited all his to and may no longer trade . — Lookonchain (@lookonchain)Seemingly, the fear of missing out made the trader buy SLERF a second time when the price neared its all-time high (ATH) of $1.30. The address bought 3 million Slerf at $1.17, spending 19,133 SOL, worth around $3.152 million.
The Slerf token, which has been all over the news for its dramatic launch, saw a significant price decrease of 52.39% from the ATH registered the day after launch. At writing time, SLERF is trading at $0.6351, an 18.4% decrease in the past 24 hours.
oh fuck — Slerf (@Slerfsol)
Is The Crypto Presale Meta Hand In Hand With FOMO?
To paint an even bigger picture, another crypto trader lost money yesterday after buying a different ‘presale meta’ memecoin. Although the figures are more modest than the other two cases, this trader bought SMOLE and lost 371 SOL. Later, the address spent 2,549 SOL to buy SLERF.This guy always buys high and sells low. He lost money on twice in just 20 minutes, with a total loss of 371 ($70K). Then he spent all 2,549 ($484K) to buy . — Lookonchain (@lookonchain)SMOLE, despite only being out for one day, has already seen and a 17.1% price drop. At writing time, the memecoin is changing hands at $0.0001499, a 70.39% decrease from its highest price of $0.0005086.
As this might suggest, FOMO seemingly drives memecoin traders’ decisions during this presale meta. The trend has seen hundreds of millions of dollars sent to memecoins, most of which report millions in losses for investors.
2024 is a kind of year go for it ! — Crypto Damus (@AstroCryptoGuru)Despite experienced traders being able to from this trend, the current numbers hint at a considerable amount of traders losing massive figures while trying to catch the next memecoin to go “turbo parabolic,” even if it doesn’t have a long-term roadmap.
SOL is trading at $172.25 in the 1-day chart. Source: SOLUSDT on