2024

Solana

FOMO

<div class="finbold"><p class="paragraph">A cryptocurrency <a href="https://thebittimes.com/tag/trader.html" rel="noopener noreferrer nofollow">trader</a> has turned an initial investment of $155,000 into a $1.16 <a href="https://thebittimes.com/tag/million.html" rel="noopener noreferrer nofollow">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"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>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 </blockquote></div></figure><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><div class="border border-red-300 rounded-xl p-6 not-prose mb-6"><h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5" id="picks-for-you">Picks for you</h3><div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0"><div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0"> Buy signal? XRP whales stack $55 million in two weeks <span class="self-center text-xs text-slate-500">1 hour ago</span></div><div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0"> 2 cryptocurrencies to reach $100 billion market cap in the first half of 2024 <span class="self-center text-xs text-slate-500">2 hours ago</span></div><div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0"> IShowSpeed's net worth revealed: How rich is the young streamer? <span class="self-center text-xs text-slate-500">3 hours ago</span></div><div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0"> Native DYDX staking now on Anchorage Digital&nbsp; <span class="self-center text-xs text-slate-500">4 hours ago</span></div></div></div><div class="mb-4 bg-slate-50 rounded-md layout-adjustment"><div id="finbold.com_middle"></div></div><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 href="https://thebittimes.com/tag/trader.html" rel="noopener noreferrer nofollow">trader</a>s, prompting many to follow his speculative moves closely.</p><figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>pic.twitter.com/ouKT9z2Wzh</p>— Roaring Kitty (@TheRoaringKitty) May 15, 2024 </blockquote></div></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 href="https://thebittimes.com/tag/trader.html" rel="noopener noreferrer nofollow">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"><div class="wp-block-embed__wrapper"><blockquote class="twitter-tweet"><p>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 </blockquote></div></figure><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 href="https://thebittimes.com/tag/trader.html" rel="noopener noreferrer nofollow">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 href="https://thebittimes.com/crypto-trader-turns-155-000-to-1-16-million-in-two-days-tbt88457.html" rel="noopener noreferrer nofollow">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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