A crypto trader under the nickname CryptoNerd said that he lost more than $1 million trading PEPE with leverage.
What are memcoins and is it worth investing in them?
What happened
According to the trader, he opened a long position in PEPE with 3x leverage, investing $1.14 million in it, and the next morning he found out that his long was liquidated.
“I lost everything I had. I don’t even have $1000 in my bank account, but I had $1 million on Binance. I’ve been involved in cryptocurrencies since 2017. Today I lost everything,” he wrote on Twitter.
Source: X/@cryptonerd75
Community members reacted to the situation in different ways. Lady of Crypto noted that this has happened to her before, first in 2019 and then in 2020 with the COVID-19 crisis.
“This is not the end of this run and it is not the end of your story. You can easily recover from this. Believe me, if I can do it, anyone can do it,” she commented.
Chris Carrascosa, in turn, urged traders to stay away from large bets on memcoins.
“In the world of traditional finance, no one would think of putting that kind of money into a memcoin or other ridiculous asset. These ‘strategies’, if you call them that, take everything away from you,” he said.
PEPE asked for 20%.
The dramatic turn in the trader’s story was caused by a significant correction in the cryptocurrency market amid geopolitical tensions between Iran and Israel. The PEPE memcoin, which CryptoNerd tried to speculate on, dropped by about 20%.
According to Coinglass, the total volume of liquidations on April 12 was more than $930 million.
Watch the latest cryptocurrency news, video reviews, collections of useful tips, guides and interviews on YouTube channel BeInCrypto. Subscribe, it will be interesting!
According to the Trust Project’s rules, BeInCrypto strives to provide only unbiased and truthful information. The purpose of this news article is to report the event accurately and in a timely manner. However, BeInCrypto encourages readers to independently verify information and consult with a professional before making any financial decisions based on this content. Please also note that our Terms and Conditions, Privacy Policy and Disclaimer have been updated.
2024-04-13 17:30:00
#Trader #lost #million #PEPE
