A FOMO (Fear of Missing Out) buyer recently experienced a significant loss in the trending Solana memecoin, $MEW, within a mere 3-hour timeframe.

Initially, the buyer impulsively purchased 223.9 million $MEW tokens using 3,500 $SOL during a period of rapid price escalation. 

This #FOMO buyer lost 1,071 $SOL($204.5K) on $MEW in less than 3 hours.

How did he lose money?

He #FOMO bought 223.9M $MEW with 3,500 $SOL during the price rise.

When $MEW dropped, he panicked and sold all $MEW for only 2,429 $SOL.

Please don't #FOMO buy a coin!… pic.twitter.com/O3FFLUSI2t

— Lookonchain (@lookonchain) March 26, 2024

However, as the price of $MEW swiftly plummeted, the buyer succumbed to panic and hastily offloaded all their $MEW holdings, resulting in a loss of 1,071 $SOL, equivalent to a staggering $204.5K.

The volatility in $MEW’s price trajectory was starkly evident yesterday when it surged to an all-time high amid a wave of whale accumulation. However, the coin’s fortunes took a sharp turn today, witnessing a precipitous decline of 23%.

Amidst the downward trend, another trader seized an opportunity and capitalized on the situation by selling their entire stash of 1.85 million $MEW tokens for 10,729 $SOL, equivalent to a value of $2 million.

Remarkably, this trader managed to rake in an impressive profit of 8,467 $SOL, amounting to $1.6 million, in less than a single day.

This guy sold all 1.85M $MEW for 10,729 $SOL ($2M) 6 hours ago and made 8,467 $SOL($1.6M) in less than 1 day!https://t.co/U2gWmR9bfa pic.twitter.com/SeQGZDlX85

— Lookonchain (@lookonchain) March 27, 2024

The rollercoaster ride experienced by investors in the Solana memecoin market serves as a stark reminder of the inherent risks associated with FOMO-driven trading strategies.

While some traders manage to capitalize on fleeting opportunities and reap substantial profits, others may find themselves on the wrong side of the volatility spectrum, facing significant losses within a remarkably short timeframe. 

As the cryptocurrency market continues to evolve and witness rapid fluctuations, prudent risk management and strategic decision-making remain paramount for investors navigating these turbulent waters.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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