A crypto investor lost nearly $1 million in a short time due to greed in purchasing meme coins.
One of the most notable Solana-based altcoins today was SLERF. The process began with the accidental burning of 10 million dollars worth of SOL collected from the pre-sale and extended to listings on major crypto exchanges.
According to data from the on-chain analysis platform Lookonchain, a whale who could not resist the great interest in SLERF, bought 790,236 SLERF at 1.32 dollars, almost at the peak, equivalent to 5,004 SOL, partly due to FOMO.
Then the price rapidly fell and made a final rise. The investor interpreted this rise as a turnaround and bought another 650,330 SLERF spending 2,500 SOL worth 512,000 dollars at 0.8 dollars. However, the price continued to drop, leaving the investor at a loss.
Realizing the need to cut his losses after all the failed purchases, the investor sold all his SLERF assets for 3,774 SOL. The investor suffered a $775,000 loss in a short time.
