Traders lose millions as memecoin downturn deepens
A trader who invested over $1 million in memecoins saw nearly 90% of their funds vanish in just two days as the hype-driven tokens plummeted.
While some traders struck gold and built generational wealth from the recent memecoin frenzy sparked by US President Donald Trump’s entry into the space, others weren’t as lucky as prices took a downturn.
On Jan. 24, blockchain analytics firm Lookonchain flagged how a trader who withdrew more than $1 million in Solana (SOL) tokens from exchanges to trade memecoins lost almost all of it. The trader invested in 13 different memecoins, losing about $900,000.
Trader loses almost $900,000 on memecoins. Source: Lookonchain
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Author: Ezra Reguerra
