A crypto trader followed the trend and invested in a trending cryptocurrency in the hope of heavy returns. However, his outcome was far different from his expectations, as he lost $60k in just two hours.
Crypto Trader Lost $60K in MPLX FOMO
On January 7, the onchain analytics platform Lookonchain revealed the foolish mistake of a crypto trader who lost $60k after following FOMO. Lookonchain’s X post reveals that the investor invested twice in a newly launched crypto called Miniperplx AI (MPLX). However, his judgment was wrong both times, giving him a life-long crypto trading experience.
He surrendered to FOMO, buying $31.8k worth of tokens when the MPLX price peaked above $0.02499. But the price swiftly plummeted. Instead of holding on, he sold the tokens at only $12.8k, with a massive loss. And then, the crypto investor repeated the same mistake, buying $30.5k worth of tokens when the price rose to $0.001, only to see the price crash again. This series of missteps led to a $60k loss within 2 hours.
Although the MPLX’s price is still on the downside, the community comments that he could have kept tokens until the price recovers.
MPLX Downtrend Continues But Maintains 900% Rally
The Miniperplx AI price is on the downside after its previous rallies, which is why this crypto investor lost thousands. The Dexscreener notes that it trades at $0.001407 and has a market cap of $1.4M. Although the charts present a consolidation at the time of reporting, the MPLX price is up by more than 900%. More importantly, the trading volume has reached $75.1M, signifying high demand.
The new launch often brings heavy volatility, leading to constant price fluctuations. The same is associated with the MPLX launch and the trader’s loss. Meanwhile, someone else succeeded with the crypto trading strategies. One trader earned three million in just 10 hours.
What’s The Lesson Here?
Fear of missing out (FOMO) is the most objected trend in the crypto trading market, as FOMO-driven crypto often bears heavier volatility. However, this is not limited to liquidity alone, as late bloomers or late investors of hyped cryptocurrencies often face high losses. The prime example is this crypto trader who lost $60k in just two hours after he invested in a trending AI crypto, MPLX. More importantly, his biggest mistake was buying at high and selling at low, increasing the intensity of loss. Investors are advised to invest cautiously, especially in the volatile and newly launched cryptos.
The post Crypto Trader Lost $60k in Just Two Hours Due to FOMO appeared first on CoinGape.
