As a seasoned crypto investor with a penchant for high-risk ventures, I can’t help but shake my head at the rollercoaster ride that is the cryptocurrency market. The latest debacle with Friend.Tech has left me with a bitter taste in my mouth, akin to swallowing a digital lemon.
This past week was particularly chaotic in the crypto market, as influential figure Machi Big Brother took a significant hit. The downfall of Friend.Tech (FRIEND), a token that had initially shown promise, resulted in a hefty $16 million loss for him.
Machi Big Brother made a significant contribution to the FRIEND project, injecting approximately 5,200 Ether, equivalent to around $16.7 million at the time, into the token. This substantial investment secured him about 11.1 million FRIEND tokens. Unfortunately, as the value of the project declined, so did Machi Big Brother’s return on investment.
— Lookonchain (@lookonchain) September 9, 2024
Initially worth a significant amount, the value plummeted to just 0.7 million dollars, representing a steep decline of approximately 16 million dollars in value.
In stark contrast, another trader on the TRON network managed to turn a modest $298 investment into an impressive $7 million, showcasing the wild swings in potential gains and losses.
It’s worth noting that this wasn’t Machi Big Brother’s first difficulty with Friend.Tech tokens. He had been purchasing them since May and, by June, had already experienced a $7.9 million loss on his $15.6 million investment. This latest crash has only intensified his problems, highlighting the unpredictable and risky aspect of investing in cryptocurrencies.
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2024-09-09 20:36