- October 24, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
The post $SHAR Token Sell-Off: How a Successful Trader Faced a $429K Loss appeared first on Coinpedia Fintech News
No successful trader in this global market of crypto trading is safe from the sudden terrible losses. A famous trader who once earned 18,539 $SOL ($3.7 million) on trading $BOME had a miserable failure after investing it in $SHAR.
From victory to defeat
To get paid another trick, the trader initially invested 2,952 $SOL for 27 million $SHAR tokens. Unfortunately, they had to sell them back shortly after buying and sold all for 471 $SOL – 2,481 $SOL, which is valued at roughly $429,000 of loss. The bad decision was especially sharp in contrast with the previous successful trade that involved 2,620 $SOL exchanging for 345.35 million $BOME tokens to be later sold for 21,159 $SOL, evoking a $3.7 million profit.
$SHAR Token Collapse
When somebody sold $3.3 million worth of $SHAR tokens at once this stunned the market since 50% of the total supply of tokens was sold out within a few moments. This created a huge sell-off, through which the value of the token declined by approximately 90 % almost immediately. What followed was the fear that the process induced in buyers which led to a spike in panic selling hence lowering the price even more.
Team Cites Short of Funds Hours After Launch
In a rather strange move, this $SHAR team continued to blame the community FUD and declared that they did not have enough funds to continue the business. This explanation was released soon after the token release, which raised a red flag over the authenticity of the project.
Compounding suspicion, several influencers who earlier pitched $SHAR quickly erased their posts, blaming hackers, making the controversy even worse.
A fresh reminder of the fact that even successful traders are capable of losing even their life savings within no time due to the volatility of the market in trading cryptocurrencies.
