Solana

FOMO

ZachXBT

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<p class="is-style-lead">Although the meme coin frenzy has made several millionaires this month, some traders have suffered significant losses due to fear of missing out and panic trading.&nbsp;</p>
<p>The market has seen an unprecedented rally of new Solana-based meme coins in March. Since last week, 33 Solana meme coin presales have <a href="https://crypto.news/solana-meme-coin-fundraiser/" rel="noopener noreferrer nofollow">raised</a> nearly $150 million in investments.</p>
<p>One example is Book of Meme (<a href="https://crypto.news/price/book-of-meme/" rel="noopener noreferrer nofollow">BOME</a>), launched just a week ago and surged over 18,000%. As a result, many traders who invested in the presale saw million-dollar returns. Another Solana-based meme token, <a href="https://crypto.news/price/slerf/" rel="noopener noreferrer nofollow">Slerf</a>, surged over 100% in two days, as many investors <a href="https://crypto.news/slerf-meme-coin-presale-mishap/" rel="noopener noreferrer nofollow">retained millions</a> in just minutes of trading.&nbsp;</p>
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   <p lang="en" dir="ltr">I was interested to see how much SOL has been sent as a result of the presale meta and calculated &gt;655,000 SOL ($122.5M) raised from 27 presales. <a href="https://t.co/dvsW4TSoov" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/dvsW4TSoov</a></p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1769948459266707961?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 19, 2024</a>
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<p>You might also like: <a href="https://crypto.news/slerf-meme-coin-presale-mishap/" rel="noopener noreferrer nofollow"> Meme coin Slerf is making millionaires despite presale mishap </a></p>
<p>However, several traders, driven by the fear of missing out, have been panic-buying these tokens at peak prices, only to experience massive losses. One trader experienced a staggering loss of $775,000. within just an hour by <a href="https://twitter.com/lookonchain/status/1769717744260554920" target="_blank" rel="noopener noreferrer nofollow">trading</a> SLERF.&nbsp;</p>
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   <p lang="en" dir="ltr">FOMO Buying is very dangerous!<br><br>This trader lost 3,731 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>($775K) in just 1 hour by trading <a href="https://twitter.com/search?q=%24SLERF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SLERF</a>!<br><br>He spent 5,004 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> to buy 790,236 <a href="https://twitter.com/search?q=%24SLERF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SLERF</a> at $1.32(the highest price point). <br><br>The price of <a href="https://twitter.com/search?q=%24SLERF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SLERF</a> began to plummet after his purchase.<br><br>When <a href="https://twitter.com/search?q=%24SLERF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SLERF</a> rose again, he spent another… <a href="https://t.co/tOATfeJynj" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/tOATfeJynj</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1769717744260554920?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 18, 2024</a>
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<p>Ultimately, the trader sold all of his holdings. Another trader invested $1 million in SLERF, only to lose nearly a quarter of the investment yesterday.&nbsp;</p>
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   <p lang="en" dir="ltr">Not everyone can make money by trading <a href="https://twitter.com/hashtag/memecoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#memecoins</a> on <a href="https://twitter.com/hashtag/Solana?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Solana</a>!<br><br>This guy traded 11 <a href="https://twitter.com/hashtag/memecoins?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#memecoins</a> in 3 days, losing money on each one, for a total loss of 754 <a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a>($147K).<br><br>He seems to be very <a href="https://twitter.com/hashtag/FOMO?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#FOMO</a>, always buying high and selling low.<a href="https://t.co/lxijIqGLZC" target="_blank" rel="noopener noreferrer nofollow">https://t.co/lxijIqGLZC</a> <a href="https://t.co/f7KfOf5i17" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/f7KfOf5i17</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1769438534262243448?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">March 17, 2024</a>
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<p><a href="https://twitter.com/lookonchain/status/1769438534262243448" target="_blank" rel="noopener noreferrer nofollow">Lookonchain</a> also observed a trader who lost money on 11 different meme coins over three days due to constant fear of missing out (FOMO) driven decisions, culminating in a total loss of $147,000. However, panic trading wasn’t limited to meme coins. A trader lost nearly $40 million by constantly <a href="https://twitter.com/lookonchain/status/1770142002631651452" target="_blank" rel="noopener noreferrer nofollow">selling</a> Bitcoin, which has declined over the past week.&nbsp;</p>
<p>Read more: <a href="https://crypto.news/qcp-capital-predicts-a-larger-bull-run-post-bitcoin-halving/" rel="noopener noreferrer nofollow"> QCP Capital predicts a larger bull run post-Bitcoin halving </a></p>

FOMO and panic buying cost meme coin traders millions

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