2024

Solana

FOMO

<div class="finbold"> 
 <p class="paragraph">A cryptocurrency <a rel="dofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> has turned an initial investment of $155,000 into a $1.16 <a rel="dofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> portfolio in two days. The trades occurred on Solana (SOL), speculating on the meme coins AMC and GME amid Roaring Kitty’s return.</p> 
 <p class="paragraph"><em>Lookonchain</em> reported the anonymous trader’s nearly 650% gains in a post on X on May 15.&nbsp;The crypto trader allocated $61,000 to buy 27.58 million AMC and $94,000 for 30.78 million GME. Currently, their combined value is now $1.16 million.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
    <p lang="en" dir="ltr">This guy turned his portfolio from $155K to $1.16M in just 2 days, a gain of 648%!<br><br>He spent $61K to buy 27.58M $AMC and $94K to buy 30.78M $GME 2 days ago.<br><br>And now these $AMC and $GME are worth $1.16M!https://t.co/ndC2UbgNp0 pic.twitter.com/joKwUx4DX1</p>— Lookonchain (@lookonchain) May 15, 2024 
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 <p class="paragraph">These meme coins play off the popularity of AMC Entertainment (NYSE: AMC) and GameStop (NYSE: GME) stocks, now back on speculators’ radar after their success during the 2021 GameStop short squeeze.</p> 
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   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"> <path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
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 <h2 class="wp-block-heading" id="h-roaring-kitty-s-come-back">Roaring Kitty’s come-back</h2> 
 <p class="paragraph">Meme coins have seen a resurgence in the cryptocurrency market after a period of low activity. This renewed interest emerged following the return of the famous meme trader Keith Gill on social platforms on May 13. Gill, known as Roaring Kitty, became known for inspiring the GME short squeeze in 2021.</p> 
 <p class="paragraph">Roaring Kitty has been actively posting videos on X, hinting at the next meme asset he intends to boost. This wave of activity has ignited interest among <a rel="dofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s, prompting many to follow his speculative moves closely.</p> 
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
    <p lang="zxx" dir="ltr">pic.twitter.com/ouKT9z2Wzh</p>— Roaring Kitty (@TheRoaringKitty) May 15, 2024 
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 </figure> 
 <h2 class="wp-block-heading" id="h-crypto-traders-lost-tens-of-thousands-of-dollars-trading-gme">Crypto traders lost ‘tens of thousands of dollars’ trading GME</h2> 
 <p class="paragraph">However, some <a rel="dofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s experienced significant losses trading GME, despite the success of a few. Another <em>Lookonchain</em> post highlighted that not everyone profited from the meme coin.&nbsp;</p> 
 <p class="paragraph">“These three guys lost tens of thousands of dollars by buying GME with FOMO and panic selling after the price dropped!” the post stated. <em>Lookonchain</em> emphasized the importance of not buying with fears of missing out (FOMO) when prices are soaring, nor panic selling when they decline.</p> 
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
    <p lang="en" dir="ltr">Not everyone made money on $GME.<br><br>These 3 guys lost tens of thousands of dollars by buying $GME with #FOMO and panic selling after the price dropped!<br><br>Remember, please don't buy with #FOMO when prices are skyrocketing, and don’t panic sell when prices are falling!… pic.twitter.com/4ZlPEAy1Cc</p>— Lookonchain (@lookonchain) May 15, 2024 
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 <p class="paragraph">Previously, Finbold reported the story of a meme coin trader on Solana who lost $37,000 in 17 minutes due to the same combination of FOMO and panic selling. An issue that is common in the meme coin crypto casino, mainly among beginners trying to make “easy money.”</p> 
 <p class="paragraph">These incidents underscore the volatility and high-risk nature of cryptocurrencies, especially with meme coins. It also highlights the impact of influential figures like Roaring Kitty on trading behaviors. With meme coins back in the spotlight, <a rel="dofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a>s are both eager and cautious, wary of repeating past mistakes while hoping for substantial gains.</p> 
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p> 
</div> 
<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/crypto-trader-turns-155-000-to-1-16-million-in-two-days-tbt88457.html">https://thebittimes.com/crypto-trader-turns-155-000-to-1-16-million-in-two-days-tbt88457.html</a></p>

Crypto trader turns $155,000 to $1.16 million in two days

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