As Bitcoin’s resurgence has fueled the crypto market cap to exceed $3 trillion, Hyena (HYENA) is grabbing users’ attention. The overall market’s growth has lured millions of investors to build luck on the burgeoning industry. Increasing numbers of investors continue to pour funds to grow their wealth in the alternative financial landscape. However, the road is not smooth for everyone. Some end up with hit with hard lessons to learn later. Lookonchain has spotted a trader who has just lost $80.8k within a day.
Trader nursed $89.6k loss in FOMO trading
With goodies in the markets, investors and traders are privileged to grab them. However, they need an initial investment, appropriate skills, and most significantly, timing to win them. In most cases, making money with crypto works perfectly, and most investors win nicely. However, some losses do happen as several factors come into play. This is what could have occurred to this investor, as he grabbed the chance but invested at the wrong time, losing 90% of his investment.
Lookonchain recommends people not engage in FOMO buying. As per the on-chain analytics, the trader spent $89,600 to buy Hyena (HYENA) today. But currently, the trader’s wallet only holds $8,794, making a loss of $80,800 (-90%).
Hyena is a new memecoin recently launched to redefine the status quo of meme coins. The new token presale gave the coin popularity in July, a time when early buyers grabbed the opportunity and amassed the token.
Hyena was one of the most hyped projects on the Hyperliquid blockchain. It was launched by a team of Hyperliquid whales who have been promoting it. Over 30,000 investors attempted to accumulate the coin following its presale.
Thanks to the increased crypto demand and the bullish environment, Hyena started trading on CoinGecko recently. The debut attracted multiple traders who invested in new potential altcoins including Hyena. However, it seems significant numbers of traders have sold most of their token holdings, leading to a massive drop in the coin’s value. The current low prices show that sellers overpower buyers. This is what has created massive losses for new holders, including the investor mentioned above.
The coin’s value has plunged massively in the last 24 hours. It is currently valued at $3.28 with a $3.43 million market cap. It recorded its highest price of $7.13 on December 30, 2024, three days ago. The current price is 51% lower than the AHT price.
Lessons to learn here
The digital asset market experiences multiple token launches every day. However, a few succeed or remain relevant to users. The majority of them fail, causing massive losses for investors.
This explains why understanding the market and token is essential. Even in this investor’s scenario, he followed the FOMO trend and invested a lot of funds into the crypto. When the token plunged, the trader nursed tremendous losses. Missing out by following FOMO is never a good thing. Implementing appropriate trading practices is essential.
