Stories of cryptocurrency investors making $1 million are aplenty in the markets, but those who lose millions remain in the shadows for fear of being judged or laughed at. One wealthy investor who could afford to gamble $1 million in meme coins saw his or her portfolio nosedive to $9,200 just an hour after investing in it.
The story highlights the reality of the cryptocurrency markets that most investors face in real time.
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The Downfall of a $1 Million Investment in Meme Coins
Cryptocurrency: $1 Million Drops To $9,200
An anonymous investor took an entry position in the newly launched meme coin named MBAPPE. Mbappe is the name of a French footballer, and the meme coin is based on football and the player’s personality.
According to data from Lookonchain, the whale purchased $1.03 million worth of Solana tokens and swapped them to accumulate MBAPPE meme coins. The cryptocurrency purchase was completed in one transaction, and the whale hoped the meme coin could generate profits.
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Market Realities: Hopes vs. Outcomes
However, the cryptocurrency market charts its path and does not depend on investors’ hopes and dreams. Within an hour after swapping 7,156 SOL tokens to MBAPPE, the $1.03 million turned into $9,000. MBAPPE nosedived in the charts after the whale entered the meme coin, wiping away the investments.
“Someone created a new wallet and spent 7,156 $SOL ($1.03M) to buy a MEMEcoin named MBAPPE in a single transaction, which is now only worth $9.2K. This person lost more than $1M in just 1 hour!” read the tweet from Lookonchain.
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The loss is extremely shocking, as investors dream of making a million. Here’s a trader who lost $1 million—all this in just an hour of trading and throwing away money blindly on obscure meme coins.
This development also shows that cryptocurrency investors leave logic out of the room while pouring their money into meme coins. Trading in meme coins is now more like gambling and less like analysis.