😭 The crypto trader lost $74k trading a shitcoin in just 3 minutes
The crypto trader lost $74k trading a shitcoin in just 3 minutes — he bought the meme coin RICH and adhered to the 'golden' rule: buy at the highs, ride the... down.
The trader bought RICH for 198 SOL, but the shitcoin collapsed by 60% and the crypto trader panicked and sold it for 76 SOL, losing 122.
.
When the price of the shitcoin started to rise, he bought it again for 297.
Cryptans lost $1.75 billion in a day, but what happened?
➖ The market was extremely overheated and leveraged, and the liquidity of coins on exchanges is quite low, which caused small sales to trigger a cascade of liquidations, and then panic set in among retail investors. ➖ The first to sell started on Coinbase, an hour before the dump, they aggressively pushed the price down there.
Cryptans lost $1.75 billion in a day, but what happened?
➖ The market was extremely overheated and leveraged, and the liquidity of coins on exchanges is quite low, which caused small sales to trigger a cascade of liquidations, and then panic set in among retail investors. ➖ The first to sell started on Coinbase, an hour before the dump, they aggressively pushed the price down there.
The statistics do not look very good. For November, only 32% of traders on the platform managed to earn more than 100$. Another 18% earned between 0$ and 100$. And about 20% lost between $0 and $100,000 For others, the statistics are slightly better: • 14% earned >100$ • 11% earned >1,000$ • 4.4% earned >10,000$ • 0.6% earned >100,000$
The platform for creating shields on Solana has turned into a gathering place for idiots, a breeding ground for inadequates and extortion
Creators promote their coins through perversions, threats, and violence, which can lead to serious problems for both themselves and the audience and platform