Trader loses nearly $1M on BARRON in just 2 hours of FOMO trading
The post Trader loses nearly $1M on BARRON in just 2 hours of FOMO trading appeared on BitcoinEthereumNews.com.
On-chain data shows that a crypto trader has lost nearly $1 million in less than 2 hours. The trader lost the funds by speculating on BARRON’s potential upsurge shortly after the memecoin launched. Lookonchain first reported the crypto trader’s loss of nearly $1 million on BARRON, a memecoin on the Solana blockchain named after Barron Trump. According to a chart shared by the blockchain explorer, the trader bought the token at its peak value for a retail price of about $0.45. Since then, the token has dipped below $0.1. Lookonchain speculated that the trader lost the funds due to FOMO (Fear of Missing Out). BARRON is not affiliated with the Trump family Someone lost nearly $1M on $BARRON in just 2 hours due to #FOMO! Note that $BARRON was not launched by the #Trump family. Currently, the only tokens officially issued by the #Trump family are $TRUMP and $MELANIA. Avoid #FOMO and trade carefully! pic.twitter.com/bvCTQ2MXsq — Lookonchain (@lookonchain) January 20, 2025 Lookonchain specified that the memecoin was in no way associated with Trump and his family despite its creators using Barron Trump as the memecoin’s mascot. The blockchain explorer also emphasized that the only two tokens officially launched by the Trump family are TRUMP and MELANIA. Lookonchain also advised traders to avoid FOMO trading and be vigilant when navigating the complex crypto ecosystem. The BARRON memecoin has initiated a wide range of discussions. Although Lookonchain claims the memecoin is not affiliated with the Trump family, Nick Ford, a popular X DeFi Farmer, disagreed. Ford believes that the official Trump deployer was buying BARRON. Ford provided on-chain data supporting his argument that TRUMP’s deployer wallet “5e2qRc” may have spoofed the BARRON coin with each transaction being $2. Ford highlighted that BARRON surged to $400 million before crashing to $84 million. Martin…
Filed under: News - @ January 20, 2025 6:28 pm