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Trader Loses $477,000 in Nine Days Due to FOMO and Panic Selling

19/12/2024 18:35

According to PANews, a trader experienced significant financial loss due to fear of missing out (FOMO) and subsequent panic selling, resulting in a loss of approximately $477,000 within nine days. On December 10, blockchain data monitored by Spot On Chain revealed that the trader, identified by the address '0x4ec,' purchased 60,782 billion PEPE tokens. The acquisition was made at a local price peak, involving 4.75 Wrapped Bitcoin (WBTC) and $150,000 in USD Coin (USDC), totaling $1.59 million. However, the value of PEPE tokens dropped by 17.85% within 24 hours, prompting the trader to sell all assets for $1.108 million in USD Tether (USDT). This transaction resulted in a loss of approximately $477,000, marking a 30% decrease in the trader's investment. The incident highlights the risks associated with volatile cryptocurrency markets, where rapid price fluctuations can lead to substantial financial setbacks for investors who react impulsively to market changes.

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