Zinger Key Points
- Arkham Intelligence shares crypto traders' missed gains from premature sales in Dogwifhat, Brett, Jeo Boden.
- While the thread received many reactions from the crypto community, one commentator pointed to the importance of timing.
On-chain analytics firm Arkham Intelligence pointed out the “top five fumbles” of cryptocurrency traders who missed out on massive potential gains in 2024.
What Happened: Arkham's tweet on April 4 highlights instances when traders sold meme coins ahead of significant price surges, losing out on millions.
- Dogwifhat WIF/USD fumble, worth $156 million: a Solana SOL/USD trader purchased 40.7 million, worth $10,000, within the first two weeks of WIF’s launch. However, he sold his position within three days for a $5,000 loss. His investment would have been worth $156 million on April 4.
- Book Of Meme BOME/USD fumble, worth $1.33 million: within hours of launch in mid-March, a trader purchased 81 million tokens, valued at $11,000. In less than an hour, he offloaded all the tokens at a profit of $4,800, missing out on $1.33 million.
- Jeo Boden BODEN/USD fumble, worth $29.7 million: one of the "unluckiest traders” reaped a 3x profit within six seconds after buying upon launch. However, he missed out on gains worth $29.7 million in doing so.
- Degen DEGEN/USD fumble, worth $35.85 million: a trader profited $2,800 on his overnight trade, but the position would be worth $35.85 million if he held on.
- Brett BRETT/USD fumble, worth $6.06 million: this trader took “an L,” as he missed out on a 100,000x after he sold his $36 purchase for just over $10,000.
Also Read: Trader Turns $15K Into $5.5M With BRETT, Refuses To Sell: ‘This Is The SHIB Of This Bull Run’
Why It Matters: Highlighting the volatility in the cryptocurrency market, Arkham's tweet cautions traders and stresses the time element in these meme coin trades. Major meme coin rallies can induce a fear of missing out (FOMO).
A crypto investor, BBA.eth, reacted on the thread stating, "That's why I round trip most tokens and chose to become a community member."
Meanwhile, Crypto Empire, a crypto content hub page, advises investors that "timing is everything in this game."
Traders that were around for the 2021 cryptocurrency bull run may still remember the “Dogecoin millionaire,” a trader who refused to sell his $3 million worth of Dogecoin DOGE/USD, which is worth about $150,000 at today’s prices.
Similarly, if one would want to become a millionaire with Shiba Inu SHIB/USD, a holder would need to have 11,305,822,498.6 SHIB if it returns to its all-time high of $0.00008845
What’s Next: The influence of meme coins and Bitcoin as an institutional asset class are topics expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Top Crypto Trader Sees ‘Tremendous Buying Opportunities’ In Altcoins, Shares His Top 10 Picks
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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