The unstable crypto market has claimed one other high-profile sufferer, with a preferred crypto influencer and Ethereum supporter presently holding over $8 million in losses from the ERC-20 token FRIEND.
The influencer generally known as Machi Massive Brother, boasting 164,400 followers on the social media platform X, has seen a staggering over 50% loss on his FRIEND funding, in line with on-chain knowledge analyzed by Lookonchain.
Machi Massive Brother started accumulating FRIEND tokens on Could 3, buying a complete of 8.6 million tokens at a mean price of $1.81 every. This formidable funding noticed him spend a colossal 4,975 ETH, value round $15.6 million on the time.
Nonetheless, with FRIEND’s price crashing 60% within the final 30 days to presently commerce at simply $0.8516, Machi Massive Brother’s place is now valued at a mere $6.95 million, a large $8.65 million loss in simply over a month.
Picture Supply: CoinMarketCap
This expertise with FRIEND exhibits the volatility threat related to meme cash that shouldn’t have any worth inside them and are primarily influenced by traits in social media.
In essence, merchants like Machi Massive Brother are concerned in a recreation of probability as they hope to make gross sales at excessive costs earlier than the hype fades and demand dries up leaving them caught with nugatory tokens.
Additionally Learn: Binance Hits 200 Million Customers Amid Crypto Adoption Surge