Analyst Warns Against Buying Memecoins: Memecoins Are Risky
- A crypto investor withdrew 174 ETH and bought 2 trillion LADYS $0.0000001504.
- Later, the trader sold the memecoins for just 73.5 ETH at $0.00000006142.
- Lookonchain shared the details and warned its followers about the dangerous nature of memecoins.
On-chain researcher Lookonchain revealed a recent whale activity in which an investor lost 100 ETH to Milady memecoin LADYS. According to the analyst, the trader withdrew an impressive amount of ETH worth $321,000 to buy a massive number of LADYS, which he later sold at a significant loss.
Lookonchain highlights the risky nature of memecoins, illustrated by the example of a trader who lost 100 ETH for a memecoin:
Buying #MEME currency is very risky, keep your money safe! At $0.0000001504, it was then sold for $73.5 ($130,000) at $0.00000006142. pic.twitter.com/XEByhIe0PW
– Lookonchain (@lookonchain) May 12, 2023
According to Crypto Investigator’s findings, the trader withdrew 174 ETH from cryptocurrency exchange Gate.io and bought nearly 2 trillion LADYS at $0.0000001504 on May 12. $0.00000006142.
Currently, the memcoin is trading at $0.0000000673, recording a gain of 21.64% in the last 24 hours. The 24-hour trading volume of LADYS was set at $70,202,077 while its current market capitalization is $49,956,978.
THE PRICE OF THE SEVEN DAYS LADYS
In comparison, the current value of the leading cryptocurrency as ranked by trader-lost market capitalization for LADYS is $1,798.26, with a 24-hour trading volume of $7,833,163,894. Comparing the value of both cryptocurrencies in the current crypto market is clear enough to highlight the severity of the loss experienced by the trader.
It is worth noting that the cryptocurrency community is currently flooded with memcoins, while traders are showing increasing interest in it. For example, the community has accumulated massive amounts of frog-themed memecoin Pepe, over the past few weeks, which eventually led to a significant drop in its price. In such a scenario, Lookonchain warned its followers about the risky nature of memecoins, and asked them to keep their “money safe.”
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