Crypto Trader Lost $16 Million After Betting $17 Million On FRIEND Token
Cryptocurrency has gained immense popularity among investors all around the world. The main reason behind this was the high growth potential in a wide range of cryptos, making it an industry of Trillions. However, despite that, not every trade turns into profit as volatility plays a big role in asset growth. Something profitable today may get into loss depending on various factors. A prime example of that is this one trader who has lost $16 Million after betting $17 Million on the FRIEND token.
Crypto Trader Lost $16 Million After FRIEND Collapsed
The crypto market was already not at its very best, but when the Friend.Tech (FRIEND) team ditched smart contact’s control, it left the holders with loss only. In this situation, one pseudo-anonymous crypto trader, Machi Big Brother, who is also a popular cryptocurrency influencer, lost $16 million per the Lookonchain X post.
Machi Big Brother(@machibigbrother) spent ~5.2K $ETH($16.7M) to buy 11.1M $FRIEND, now worth only $0.7M!
He lost ~$16M on $FRIEND!https://t.co/j5UByo1LAf pic.twitter.com/4c5oQPNH62
— Lookonchain (@lookonchain) September 9, 2024
As per the post, the crypto investors have endorsed the tokens for months and have invested 5,200 ETH tokens, equivalent to $16.7 Million, which later turned into dust. The trader had bought around 11.1 Million FRIEND Token, which collapsed, leaving the investor only $0.7M. With this, the crypto trader has lost $16 Million despite being a crypto influencer, indicating uncertainty in the crypto market.
Talking of uncertainty, another TRON trader has made $7 Million from an investment of $298. It reveals how one crypto investor might be making millions, whereas other losing millions due to the changing market trends.
Moreover, this was not Machi Big Brother’s first investment in this Friend.Tech. He has been actively buying this token since May, losing $7.9 Million out of his $15.6M investment in June already.
How Is FRIEND Token Performing Today?
As per the coingape’s earlier reports, FriendTech’s decentralization move backfired, causing the token price to drop 40%. This drop came after the project team ditched the smart contracts control, causing a major bearish downtrend for the native token.
Even at the time of writing, the token is witnessing shark declines, indicating the instability in price movements. However, this is not today’s scenario only, as the token has been on the same trajectory since its launch, losing 93% of its value since May. More importantly, it has lost 73% over the week, currently trading at $0.08275 after a 4% recovery in the last few hours. Moreover, per today’s price, these crypto traders’ 11.1 Million tokens are now worth 918K only.
Final Thoughts
After the 75% decline in the FRIEND token over the week, a crypto trader lost almost $16 Million for his $17 Million investment. However, the same crypto investor lost another $7.9 Million in June, regardless of his trading skills. And now, at the present price of $0.08275, the crypto investro is only left with 918K, becoming an example of the market’s volatility.
The post Crypto Trader Lost $16 Million After Betting $17 Million On FRIEND Token appeared first on CoinGape.
Filed under: News - @ September 9, 2024 2:21 pm