Memecoins have been the talk of the town recently, especially the ape coins. But, one investor is holding their head lamenting and cursing memecoins after losing $52,000.
According to the investor, “I aped a large portion of my portfolio, which I’ve saved up over 4 years in crypto.” The investment came after the endorsement of the coin by Barron Trump, the youngest son of the former US president – Donald Trump.
I aped a large portion of my portfolio that I’ve saved up over 4 years in crypto into the token that was supposedly “spearheaded” by Barron Trump and now I’m down 52k. This is definitely the largest loss I’ve taken and the worst. I think I’m done with memecoins.
— Coinfessions (@coinfessions) September 6, 2024
While a token backed by such a prominent person like Donald Trump’s youngest son may seem like a great opportunity, it was a nightmare to this investor. “This is the largest loss I’ve taken and the worst,” the investor states in his confession.
Painful Reality of Coins Endorsed by Celebrities
The crypto market has had several instances where celebrities have supported certain crypto tokens, only for investors to invest their life savings and end up losing it all within just a few hours or days. This phenomenon, which is commonly known as the “pump and dump” scheme, has seen many crypto investors land themselves on the hook. The most recent pump and dump scheme is whereby Mbapp’s X account was hacked and the hacker promoted the $MBAPPE token which rose and fell almost instantly.
Source: BSCNews
While this investor’s case may have been different, he said, “Now I’m down 52k.” It must have been very painful losing his portfolio that he had saved for over 4 years because of celebrity endorsement.
Feeling the Weight of the Loss
From a dream of making a lot of wealth from the memecoin to shattered hopes, this investor has had a tough experience. He laments “I think I’m done with memecoins,” showing his loss of interest in the extremely volatile tokens.
So, is the hype around celebrity-backed coins worth the risk? I guess not! His experience showcases the risks associated with making investments based on celebrity endorsements.
His experience is a reminder for you to do careful research and analysis before making any crypto investment. Celebrity sway could cost you $52,000 or even more if not careful.
For the investor, while the pill is a hard one to swallow, the experience is both a lesson and an opportunity for him to make better crypto investment decisions in the future.
The post A Huge Loss of $52,000; How An Investor Put His Money in an Ape Coin “Spearheaded” by Barron Trump only to Lose His 4 Years Savings appeared first on Coinfomania.
