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Sohrab Khawas
Sohrab Khawas
Author
Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Oct 24, 2024 11:28 UTC
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Crypto Trader Loses $429K in $SHAR Token Crash
A famous trader lost almost $430,000 in a failed $SHAR investment after previously making a $3.7 million profit on a $BOME trade.
The sudden sale of a large portion of $SHAR tokens caused a market crash, leading to a 90% price drop and widespread panic selling.
The $SHAR team's response to the crisis, including blaming the community and influencers, further fueled suspicion.
In the unpredictable world of cryptocurrency trading, even successful traders are not safe from sudden and significant losses. One well-known trader, who once made $3.7 million by trading $BOME for 18,539 $SOL, experienced a major setback after investing those profits in $SHAR.
What went wrong? How did a seemingly successful trader end up losing such a significant sum of money? Read on to find out.
A Risky Investment Takes Its Toll
To seize another opportunity, the trader initially invested 2,952 $SOL to buy 27 million $SHAR tokens. However, shortly after making the purchase, they had to sell them back, ultimately receiving just 471 $SOL in return. This resulted in a staggering loss of 2,481 $SOL, worth about $429,000.
This poor decision sharply contrasts with their earlier success, where they exchanged 2,620 $SOL for 345.35 million $BOME tokens, reaping a profit of 21,159 $SOL or $3.7 million.
$SHAR Token Collapse
The situation worsened when an unknown seller offloaded $3.3 million worth of $SHAR tokens all at once, shocking the market. This sale accounted for 50% of the total token supply, triggering a massive sell-off that caused the token’s value to drop by around 90% almost immediately. The fear this generated among buyers led to even more panic selling, driving the price down further.
Blame and Controversy: The $SHAR Team’s Response
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.
Adding to the suspicion, several influencers who had previously promoted $SHAR quickly deleted their posts, saying they were hacked, which only intensified the controversy.
A fresh reminder of the fact that even successful traders are capable of losing their life savings within no time due to the volatility of the market in trading cryptocurrencies.
The crypto market is a rollercoaster ride, and even the most experienced traders can get caught in the twists and turns. Remember to always do your research and invest wisely.
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