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While 2024 continues to be a year in which meme coins gain great popularity, major losses are also experienced alongside these rapid increases. Finally, a meme coin investor suffered a major loss of $900,000 in just 4 hours.
This investor purchased a meme coin called RTR, which was issued on the Solana network, and bought at the highest prices due to “FOMO” (fear of missing out). According to the information shared by the on-chain data platform Lookonchain, this person spent 5800 SOL worth $916,000 to buy 7.2 million RTR tokens. However, the token’s price dropped significantly in a short time.
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With the crash in price, the investor was forced to accept the loss and sold his investment for only 113 SOL (approximately $18,000). This means a total loss of $898,000.
This incident once again showed how dangerous “FOMO” can be in the cryptocurrency market. The investor took a big risk by buying at the peak of the token and as a result suffered a big loss. Although the appeal of the meme coin craze attracts investors with the hope of quick profits, it is clear that such extreme volatility carries great risks for investors.
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