In the last 15 years, the crypto trading industry has grown from $0 to $2.43 trillion. This journey has attracted millions of investors and cryptocurrencies to build it among the top financial markets in the world. Regardless of this, it is constantly growing, and investors are connecting and building to gain the biggest profits and earnings. However, it is not the same for everyone, as not all trades end with profit, and few end with lessons, just like this crypto trader who lost $143K in just 3 hours.
Crypto Trader Gets $143K Loss In FOMO Crypto Trading
Crypto Trading is similar to a claw machine, where the goodies are right in front of your eyes, but to access them, you need an initial investment, the right skills, and, most importantly, timing to win them. Many times, it works perfectly, and people win handsomely, but at the same time, some lose, as many factors can influence the crypto market. And this is what happened with this trader, as he saw the opportunity but invested at the wrong time, losing 85% of his investment.
As per the Lookonchain post, the crypto trader has become the biggest $RIPETH token dump victim. The trader spent $168K to buy 18.67M $RIPETH as people were hyping the token. In this Fear of Missing Out (FOMO) hype, he bought the tokens when the price was at its peak, but soon it dropped, costing a $143K loss.
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This trader is the biggest victim on $RIPETH, losing $143K(-85%) in just 3 hours!
He spent $168K to #FOMO buy 18.67M $RIPETH at the price peak, which is now worth only $25K.https://t.co/rTz9G679Sa pic.twitter.com/3VmnIOd0iq
— Lookonchain (@lookonchain) October 31, 2024
However, he is not the only one facing losses with the token. The $RIPETH creator itself faced losses on its last deal. He spent 50 $SOL to buy the tokens but ended up selling for only 19.8 $SOL, facing a loss of $5.1K.
How Did This Happen?
$RIPETH token gained attention because of a famous crypto whale, which accumulated 206,111 $SOL($36M) in just 9 days and went on a token creation journey. The token demand grew thanks to the bullish crypto trading environment, attracting hundreds of investors. It grabbed a market capitalization of $12M pretty soon but has now dropped to $156 per Dexscreener.
While the hype was new, many crypto investors took advantage and made heavy profits, including for the creator. At the same time, the crypto market is also growing, with Bitcoin price aiming for new ATH, creating the perfect investing opportunities. However, in an attempt to grab the profits, the whale sold his entire $RIPETH token holding, earning $14.5K, but this sale also collapsed the token. As a result, it created heavy losses for new holders, including the crypto trader mentioned above.
The token’s value has plummeted heavily in the last 24 hours. It is valued at $0.0000000001560 with only $156 in market capitalization.
What Is The Lesson Here?
The crypto market witnesses hundreds of token launches every other day, but only a few succeed or stay relevant to the investors. More importantly, most of them fail, costing heavy losses for the investors. This is why understanding the token and market is crucial. Even in this crypto trader’s case, the trader followed the FOMO trend and invested at a high. As a result, when the token plummeted, he faced heavy losses. FOMO is never the right trend, and implementing safe crypto trading practices is necessary. Another example of this situation includes a trader losing $454k in just 40 minutes, clearly indicating that the right timing is more than in this industry.
The post How FOMO Made A Crypto Trader Lose $143K In Just 3 Hours? appeared first on CoinGape.
