Trader Loses Millionaire Status Due to Memecoin FOMO

After a sharp decline, the cryptocurrency market began to recover, setting many new milestones. Expectations are even higher in the next 4 years when Donald Trump becomes the 47th president of the United States. In particular, he also launched his official memecoin. In this optimistic period, cryptocurrencies have become victims of volatility.

In just 16 hours, a series of transactions caused this trader to lose his millionaire status. This is an investor famous for his bold bets, but this time he was unlucky. The trader invested heavily in Barron but only received losses and was forced to sell at the bottom. Then, to recoup, they poured nearly $ 1 million into the three hottest memecoins, but the result was only $ 40,000 left. This is a typical example of FOMO syndrome and errors in judgment.

According to a post on PostedGo X, the whale trader invested in three popular memecoins, all of which failed. The story begins with TRUMP, the official memecoin of Donald Trump – a new phenomenon in the market, but also known for its high volatility, leading to consecutive drops. The trader lost heavily on this coin.

Read more: Coinbase Announces Support for TRUMP Meme Coin

The trader then moved on to another meme cryptocurrency called Elon Hitler (Etler), which also failed. Although named “Elon”, Etler has nothing to do with Elon Musk, but there are rumors that he may launch a memecoin in the future. The loss from Etler led the trader to Fartcoin, a coin with a history of profits. However, bad luck followed, and the investment failed again, leaving the trader with only $40,697 left from his initial $1 million.