Common mistake leads trader to lose nearly $74 in 3 minutes with memecoin
A mistake considered “common” can turn a promising investment into a financial nightmare. This is what happened to a trader who, when speculating with the RICH memecoin, on the Solana , lost nearly $74 in just three minutes by making poorly executed trades.
The case, shared by blockchain analytics platform Lookonchain, serves as a warning to all those who invest in cryptocurrencies. Emotion, haste and lack of attention can lead to impulsive and costly decisions, like that of this trader who, in two poorly executed trades, saw his balance melt from US$112.000 to just US$38.000.
“This trader lost $73,9k trading #memecoins in just 3 minutes! He made common mistakes that many traders fall into — a lesson for us all. The hot memecoin caught this trader’s attention when its price dropped. Taking advantage of what seemed like an opportunity, he spent 198 $SOL to buy. Unfortunately, the price plummeted 60% after his purchase, and he panic-sold it for 76 $SOL, losing 122 $SOL,” the platform wrote.
Lookonchain complemented explaining that when the RICH memecoin began to rally, the “trader succumbed to FOMO, reinvesting 297 SOL. However, the price dropped another 60%, and he panic-sold for 93,5 SOL, losing another 203,5 SOL. In total, he lost 325,8 SOL ($73,9K) in just 3 minutes. Ironically, RICH spiked 30 minutes later. Had he held his position instead of panic-selling, he could have turned his losses into gains.”

At the time of publication, RICH price is quoted at $0,00006702 with a 0.3% increase in the last 24 hours. Currently, RICH on SOL (RICH) trading volume is $3.297,03, representing a 85,70% decrease from a day ago and signaling a recent drop in market activity.
In its weekly development, the price of the memecoin showed a considerable increase, rising 14.5% in the last seven days.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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