A memecoin trader on the Solana network lost about $147,000 in three days due to making bad investment choices.
Investing in memecoins has become one of the easiest ways for traders to turn a few thousand dollars into millions. However, Lookonchain proves that not everyone is successful in this endeavor.
According to the data provider, one memecoin trader over a three-day period lost 54 SOL (worth about $147,000).
The trader invested in 11 different meme tokens but never had the patience needed to make a profit.
Analysis shows that this trader often succumbs to fomo, buying tokens when prices are high and then selling when prices are low. Overall, the anonymous trader put in 3,160 SOL (about $628,840) but had 2,406 SOL (about $478,794) left.
High volatility requires investors to be patient over relatively long periods of time for their investments to yield returns. For example, one of the memecoins in this trader's portfolio, IQ50, was recently airdropped to NFT holders. According to Gate.io data, the airdrop token also increased significantly, but the memecoin trader lost 109.55 SOL ($ 21,800) on this transaction because of lack of patience.
