A Cautionary Tale of Losing $147K in ETH Investing in Memecoins

Investing in memecoins has been one of the popular ways for investors to make fortunes in the unpredictable crypto market. However, not everyone who invests in these coins is successful. On-chain analytics provider Lookonchain shared data that revealed an NFT whale, known as @sighduck, has lost about $147,000 worth of ETH in memecoins this month. The whale sold off its portions of TURBO and BEN, which later skyrocketed by up to 85x after the sale. PSYOP, another alleged scam, also affected the whale’s investments as they sold off all without profit or loss and later repurchased PSYOP with 60 ETH and sold them after 10 minutes without profit or loss. These issues indicate that investing in memecoins is risky for everyone, and the success that some investors achieve is not necessarily achievable by others.

Memecoins such as DOGE, SHIB, and PEPE have made some fortunate investors overnight millionaires. However, investing in these coins is not always profitable, and some investors end up losing their investments. Investors need to evaluate these coins’ risks before investing and understand that even experienced investors can make mistakes.

As the cryptocurrency market remains highly unpredictable, investing in these coins should be done with extreme caution, and the investors should be ready to lose their investments. They may look like easy and lucrative investments, but investors must keep in mind that the success attained by some investors cannot be guaranteed to others.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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