The crypto trading industry has created major milestones over the years. Many more milestones are expected with Donald Trump’s presidency. However, volatility and uncertainty still exist, creating challenges for traders. One crypto investor lost nearly $900k ($892k precisely) to such difficulties, highlighting the need for risk management and researched investments. In this blog, let’s discuss what went wrong.
Crypto Investor Succumbed to FOMO, Losing $892K in 2 Days
An anonymous crypto trader went into the trading industry, spending 4,248 SOL, equivalent to $1.06M, to buy various tokens. However, to his surprise, all the trading activities failed, leaving the trader with a $892K loss.
According to the Lookonchain post, all this happened within two days, as the crypto trader succumbed to the FOMO and invested in the trending cryptos of the time. Although trends often bring heavy returns, timing plays an important role. A trade placement at the end of the trend usually leads to heavy losses.
In this way, another trader lost $60k with constant wrong judgment with three cryptos.
This aforementioned crypto investor also lost to FOMO and repeatedly made the same mistake, losing in all trades.
Trader Failed With 12 Tokens Continuously, Reaching 0% ROI
Lookonchain’s analysis reveals that the crypto investor has invested in 13 tokens, including ALON, VINE, and many others. Out of these, the person faced losses in 12 tokens and barely made any returns on the remaining crypto, i.e., just $231. The biggest losses were on ALON and VINE, where the investor spent $627K and $888k on VINE, which all went in vain.
As a result, the ROI on this trader reached almost 0% and the loss to $891K in just two days.
What’s The Lesson Here?
The crypto industry offers various profitable opportunities, but profits depend on the trader, trading skills, and many other factors. The aforementioned crypto inventor failed in all these measures, losing $891k. This clearly shows why one should not trade with FOMO and implement the right trading technique to sustain profits in the market.
Pooja Khardia
With a deep-seated passion for reading and five years of experience in content writing, Pooja is now focused on crafting trending content about cryptocurrency market.
As a dedicated crypto journalist, Pooja is constantly seeking out trending topics and informative statistics to create compelling pieces for crypto enthusiasts. Staying abreast of the latest trends and advancements in the field is an integral part of her daily routine, fueling a commitment to delivering timely and insightful coverage
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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