Ethereum

2024

Million

Influencer

Coin

The volatile crypto market has claimed another high-profile victim, with a popular crypto influencer and Ethereum supporter currently holding over $8 million in losses from the ERC-20 token FRIEND.&nbsp; 
The influencer known as Machi Big Brother, boasting 164,400 followers on the social media platform X, has seen a staggering over 50% loss on his FRIEND investment, according to on-chain data analyzed by Lookonchain. 
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 Machi Big Brother(<a href="https://twitter.com/machibigbrother?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@machibigbrother</a>) has been buying <a href="https://twitter.com/search?q=%24FRIEND&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$FRIEND</a> since May 3. He has spent 4,975 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$ETH</a>($15.6M) to buy 8.6M <a href="https://twitter.com/search?q=%24FRIEND&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$FRIEND</a> at an average price of $1.81. At the current price, he lost $7.9M on <a href="https://twitter.com/search?q=%24FRIEND&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$FRIEND</a>!<a href="https://t.co/j5UByo2jpN" target="_blank">https://t.co/j5UByo2jpN</a> <a href="https://t.co/tiew7f377A" target="_blank">pic.twitter.com/tiew7f377A</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1799456479629746442?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 8, 2024</a>
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Machi Big Brother began accumulating FRIEND tokens on May 3, purchasing a total of 8.6 million tokens at an average price of $1.81 each. This ambitious investment saw him spend a colossal 4,975 ETH, worth around $15.6 million at the time.&nbsp; 
However, with FRIEND’s price crashing 60% in the last 30 days to currently trade at just $0.8516, Machi Big Brother’s position is now valued at a mere $6.95 million, a massive $8.65 million loss in just over a month. 
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Image Source: <a href="https://coinmarketcap.com/currencies/friend-tech/" target="_blank" rel="noopener">CoinMarketCap</a> 
This experience with FRIEND shows the volatility risk associated with meme coins that do not have any value within them and are mainly influenced by trends in social media.&nbsp; 
In essence, traders like Machi Big Brother are involved in a game of chance as they hope to make sales at high prices before the hype fades and demand dries up leaving them stuck with worthless tokens. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/09/binance-hits-200-million-users-amid-crypto-adoption-surge/">Binance Hits 200 Million Users Amid Crypto Adoption Surge</a> 
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Crypto Influencer Suffers $8m Loss on Meme Coin FRIEND

The Crypto Times

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