A millionaire lost nearly $900,000 in four hours by following the trend and buying "meme coins"

Lookonchain issued a warning

Amid the ever-changing cryptocurrency market, the Lookonchain platform issued a profound warning to investors: "Beware of the trap of following the trend and buying "meme coins". Behind this warning is a sad real case in which a millionaire suffered huge losses in just four hours due to impulsive investment.

The protagonist of the story is a cryptocurrency called "Restore The Republic" (RTR for short), which has attracted much attention and is full of political colors because of its close connection with the upcoming US presidential election. It is revealed that an anonymous investor was driven by a strong "fear of missing out" (FOMO) emotion when the price of RTR soared, and he did not hesitate to buy 7.2 million RTR with 5,800 SOL (another cryptocurrency) at a cost of up to $916,400.

However, the good times did not last long. After only four hours, the value of RTR plummeted like a waterfall, forcing the investor to reluctantly sell all his holdings at a price of 113.3 SOL worth only $18,000. This dramatic turn of events caused him to lose up to $898,500 in a short period of time. This heavy price undoubtedly sounded the alarm for all investors.

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