A cryptocurrency trader recently suffered a significant loss after attempting to snipe $PENGU tokens during their initial listing on the decentralized exchange Jupiter. The trader deployed $10,000 to buy the token immediately after its launch, but due to low liquidity and an inflated market cap of $14 trillion, they ended up with only 78 $PENGU
tokens valued at approximately $5. Sniping, a common tactic among traders using bots to purchase tokens ahead of general availability, can sometimes result in substantial gains but carries significant risks in volatile markets. In this case, the strategy backfired, showcasing the dangers of engaging in high-stakes trading without adequate research or liquidity considerations.