2024

Cardano

FOMO

when

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 <p class="paragraph">The meme coin boom in 2024 has attracted greedy speculators looking for quick gains in a player-vs-player <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> landscape. Despite some successful stories that made it to the spotlight, most traders have accrued losses—as with a PEPE <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> who lost over $300,000 in the last two days.</p>
 <p class="paragraph">In particular, data by <em>SpotOnChain</em> estimates this cryptocurrency whale has lost $188,000 in a 15-day $15.10 million trade. As suggested by on-chain activity, the whale started trading PEPE on May 4 with a $2.68 million purchase.</p>
 <p class="paragraph">On May 5, the trader bought another stack of PEPE worth $7.754 million. Later, the multisig wallet likely sold it all on May 7 for $10.557 million and a $123,000 profit.</p>
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    </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-pepe-<a rel=" dofollow title="whale" href="https://thebittimes.com/tag/whale.html" rel="noopener noreferrer nofollow">whale-fomo-and-realize-losses"&gt;PEPE <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a> FOMO and realize losses</h2>
 <p class="paragraph">However, the ‘Fear of Missing Out’ (FOMO) dominated the <a rel="noopener noreferrer nofollow" title="whale" href="https://thebittimes.com/tag/whale.html">whale</a>, as PEPE pumped in a meme coin mania comeback. Thus, the trader purchased $4.853 million worth of tokens on May 16 to sell two days later with losses.</p>
 <p class="paragraph">On May 18, the whale deposited all its PEPE tokens on Binance at an estimated value of $4.542 million. This last trading activity resulted in losses of $311,000, overcoming the previous profits.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="610" src="https://cdn.thebittimes.com/images/2024/05/19/f822cea1032030d90a387866147e463a.webp" alt class="wp-image-176853" srcset="https://cdn.thebittimes.com/images/2024/05/19/f822cea1032030d90a387866147e463a.webp 1024w, https://cdn.thebittimes.com/images/2024/05/19/f822cea1032030d90a387866147e463a.webp 300w, https://cdn.thebittimes.com/images/2024/05/19/f822cea1032030d90a387866147e463a.webp 768w, https://cdn.thebittimes.com/images/2024/05/19/f822cea1032030d90a387866147e463a.webp 1536w, https://cdn.thebittimes.com/images/2024/05/19/f822cea1032030d90a387866147e463a.webp 1908w" sizes="(max-width: 1024px) 100vw, 1024px">
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   In/Outflow of 0x1a2e64b8a1977bf018850b377020bc33eaaac3c9. Source: <em>SpotOnChain</em>
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 <p class="paragraph">Known <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency influencers wonder whether the meme coin mania is finally over.</p>
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    <p lang="en" dir="ltr">Memecoins done ?</p>— The Crypto Dog (@TheCryptoDog) May 19, 2024
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 <h2 class="wp-block-heading" id="meme-coins-and-the-greater-fool-theory">Meme coins and the greater fool theory</h2>
 <p class="paragraph">In conclusion, the trader’s unfortunate loss serves as a cautionary tale for those considering investing in meme coins. The risks associated with <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> these highly volatile and speculative <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies cannot be overstated.</p>
 <p class="paragraph">Meme coins, such as PEPE, often lack fundamental value and are driven by hype and social media buzz. Traders who buy these coins are essentially gambling in the hope that someone else will buy them at a higher price.</p>
 <p class="paragraph">This mentality aligns with the “Greater Fool Theory,” which suggests that profits can be made by buying overvalued assets and selling them to a “greater fool.”</p>
 <p class="paragraph">However, this theory also highlights the inherent risk of such investments, as the market eventually runs out of willing buyers. When the hype dies down, and demand dwindles, traders can be left holding worthless assets, leading to substantial financial losses.</p>
 <p class="paragraph">The story of this trader’s misfortune should serve as a reminder to approach meme coin investments cautiously. It is crucial to conduct thorough research, understand the risks involved, and never invest more than one can afford to lose.</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>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/this-crypto-whale-lost-300k-in-2-days-trading-pepe-tbt88867.html">https://thebittimes.com/this-crypto-whale-lost-300k-in-2-days-trading-pepe-tbt88867.html</a></p>

This crypto whale lost $300K in 2 days trading PEPE

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