CRYPTO INVESTOR SUFFERS $1 MILLION LOSS IN PEPE MEMECOIN CRASH đ„đ°
On April 12, the crypto market faced disappointment as Bitcoin (BTC) plummeted to the $65,000 range, marking an 8.5% decline. This downturn affected altcoins as well, with many experiencing nearly a 20% drop within a single day. For altcoins already on a downward trajectory, yesterday's decline proved to be the final blow.
Liquidations totaling nearly $1 billion took place, impacting around 300,000 traders who received liquidation notices.
One user, known as Crypto Nerd, shared devastating news of losing all his savings due to the recent crash, specifically highlighting the PEPE transaction.
Active in the crypto market since 2017, Crypto Nerd revealed on X that he lost over $1 million in assets during the recent decline. His tweet, which garnered 3.7 million views, quickly gained traction on social media. The trader woke up to discover his liquidation and the collapse of his transactions, particularly a long position on PEPE with 3x leverage, resulting in significant losses.
Despite having less than $1,000 in his bank account, the trader had accumulated assets totaling $1 million on the Binance exchange. However, with the crash of the PEPE transaction, all assets amassed since 2017 vanished.
Expressing feelings of despair and regret, the trader remarked, "I have no reason to live." Many crypto investors reached out with messages of support to the trader during this challenging time.
đ Lesson: Exercise caution with meme coins. It's not always smooth sailing.
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