A trader lost $73.9K trading memecoins in just 3 minutes — a lesson for us all!

This trader lost $73.9K trading #memecoins in just 3 minutes!

He made common mistakes that many traders fall into — a lesson for us all.

The trending memecoin $rich caught this trader's attention as its price dipped. Seizing what seemed like an opportunity, he spent 198 $SOL to buy in.

Unfortunately, the price plummeted 60% after his purchase, he panic-sold all for 76 $SOL, taking a 122 $SOL loss.

As $rich began to rebound, the trader succumbed to #FOMO, reinvesting 297 $SOL.

However, the price dropped another 60%, and he panic-sold for 93.5 $SOL, losing an additional 203.5 $SOL.

In total, he lost 325.8 $SOL($73.9K) in just 3 minutes. 

Ironically, $rich soared 30 minutes later.

If he had held his position instead of selling in panic, he might have turned his losses into gains.

Address:
https://solscan.io/account/BBgwD3eSnQHvhESbeozdTP9G2DcqB4wFgxeP4dADFuud#defiactivities