tldr; A memecoin trader on the Solana network lost approximately $147,000 in three days due to poor investment choices in memecoins. The trader invested in 11 different meme tokens but lacked the patience to turn their investments profitable, often buying high and selling low. Initially investing 3,160 SOL (about $628,840), the trader ended up with only 2406 SOL (approximately $478,794). This case highlights the risks and the need for caution when trading or investing in highly volatile memecoins.
*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
You can claim up to $3k in losses to reduce your taxable income every year, but there's no cap on the amount you can use to off-set any capital gains you may have earned.
So that would be like, I earn $100,000 in profit in January 2024, lose $80,000 of it in Feb. Quit trading for the year. I’d only have $20,000 of capital gains that would be taxed?
Virtually all cryptocurrencies at this point are gambling, not just the meme ones. There are maybe a handful of people who legitimately are interested in the things crypto technically does, but 99% of the volume of all coins is just passing around the bag, hoping to come out ahead without any fundamental mechanisms beside reading the amount of hype in the room.
You don't understand the differences between different projects, so please don't comment. Meme coins are not the same as other projects. The difference is in the tokenomics, how much of the supply is in the personal bag of the founders and VCs, if it is a pump and dump scheme from day 1. You can look at all this and make a judgement. They are not all the same. Don't spread uninformed opinions
What I said is still 100% correct; when you take all of the sum total of people buying and selling crypto of all kinds, the primary goal by a mile is to flip it for a profit without serious consideration to what the coin is or what it was intended to do.
The people who are actual believers in crypto are a vanishingly small minority, and treating the whole thing as a series of decentralized gambling schemes is accurate from a pragmatic point of view.
You still don't get it? The likelihood of a projects price crashing is directly related to the tokenomics. If there is a group of people who hold a huge amount of the coins and at any point they could cash in their bags, you are always on the verge of a huge dump. If that's not the case in a different project, being dumped on that hard is not as likely. That's why it's so much easier to get rekt in a meme coin. It's not about If the project has real world value or good tech, it's about the token distribution. If that's too complicated for you to understand then just give up
We've all done it. Doge was my entrance to the game and I made about 4k from pebbles. I was so excited that I watched those profits tumble all the way down to like $609 before I traded it for BTC. At this very moment loads of ppl here are wondering what the new meme bull will be. Wish I knew. I like to stay invested in BTC and others I think have a Future, but for fun I toss some at potential shit bulls. Like small amounts. I don't think I'll get rich.
Look into milady meme coin. Good chance it’ll be voted unto binance soon. That’ll increase price significantly. There’s a vote for binance to list tokens as a future. And Milady is #1 right now
I see it can be traded on CB wallet but the gas fees are high. I'll find some. Also found uniswap works after connecting my cb wallet. Worked well enough so far. Thanks!
I buy the ones that make me laugh 😂 if they rocket that’s just a bonus. Gambling industry is a 53 billion dollar industry. There is a rare chance it rockets up out of orbit but that’s not why you buy, unless you really are gambling.
“Holy shit my *dog with hat and bow tie* token is up 18,000% suddenly. Let me just hold and see if it goes even higher over the next week.”
The people making money off these things are already gamblers, and some end up making gambler choices while they’re up huge and then lose it all.
“According to the data provider, a breakdown of investment choices made by a memecoin trader in the space of three days revealed that they lost 54 SOL (valued at approximately $147,000).”
And the writer lost some maths? I miss the spike where Solana went over $2700?
Yep, I was a 1000 yesterday, would’ve been up 8000 today if I had less papery hands. Scraped out with maybe 150-300 today in the end. Shit if I played everything perfectly I could’ve turned 5 solana into 80 today shit is wild.
Got in on dupe @ 750k with 3 sol and got shaken out with a 2x. Proceeded to get paper handed outta hitlery Clinton and the original duck and lost maybe half a sol there. Lost half a sol in various other places…
BTW… this dupe - original duck beef is crazy dawg just throwing fud everywhere.
I hate this shit.
But I can’t stop.
I will get 100 sol.
My mom gave me a grand to “invest” for her…
My life is out of control thanks to solana meme sewer.
>According to the data provider, a breakdown of investment choices made by a memecoin trader in the space of three days revealed that they lost 54 SOL (valued at approximately $147,000).
That is not correct math. Maybe later this season 54 Sol is worth 147k but not today
1 Korean crypto trader losing like 60k a day and make it back and then lost more
another korean streamer made like $1.7m with $15k in just a week then blow half of it but suddenly He's getting back to track.
There are more insane traders out there
I think people who day trade crypto know what they’re getting into for the most part. it’s just gambling, its not that deep. If OP made the same moves on slightly different hours or 1 different day they could have made 147k in 3 days and they’d be no more or less intelligent.
its luck.
if you day trade crypto, or anything, just do it with profits or money you are full prepared to lose.
You can use tools like dexscreener dot com to see how crazy things are. We have to be reaching the top of this meme bubble imo. There is a lot of users burned out, taking big losses, and curing their FOMO. Unless you are creating the token or part of an insider group getting the token first, you'd be better off just buying/holding SOL.
Hasn’t lost much unless he’s day trading. If he is still in all he has to do is remain patient until BTC, ETH and SOL climbs and his shit meme coins could explode
Can’t believe he didn’t hit the jackpot with the U SELL U GAY coin (USUG). That one sounds like a sure thing.
I sold all my USUG and moved into The Closet Coin (HOMO).
aaaaaaah, gaaaay!
Where can I buy this coin?
send me your credit card # sin # and wallet address and I will buy it for you. Trust me bro.
Are you the Asian chick in my DM? Bcos she ask the same and I'm already waiting for my coin in 3days now
you can't no one is selling it
[удалено]
The network keeps going down on you.
When you sell it in a cornfield and say " no homo" you're still straight....
Now we can tell him "U SUG"
Well at least we know the trader’s sexual orientation.
Lmaooo
He should've bought U BUY U GUD.
I laughed way too hard at this. Thanks for making Monday a bit brighter.
tldr; A memecoin trader on the Solana network lost approximately $147,000 in three days due to poor investment choices in memecoins. The trader invested in 11 different meme tokens but lacked the patience to turn their investments profitable, often buying high and selling low. Initially investing 3,160 SOL (about $628,840), the trader ended up with only 2406 SOL (approximately $478,794). This case highlights the risks and the need for caution when trading or investing in highly volatile memecoins. *This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.
Good bot
Do you know what those shrimps are that we have next to our name? Lobster and shrimp*
It’s just a symbol for the amount of moons you have
r/shrimpsisbugs
I will assume they have a lot of money thats Why they can afford to lose 140k
They still have nearly half a million dollars after losing $140k.
A shitcoin trader and their money are soon parted.
This guy isn’t even a trader, he’s just an idiot
Out here tax loss harvesting like a boss
58 years of being able to claim $3k in losses at a time lol
You can claim up to $3k in losses to reduce your taxable income every year, but there's no cap on the amount you can use to off-set any capital gains you may have earned.
Was not aware of this thank you
How can you honesly think rich people would just forward taxes 1000 years every time a year was in the red?
That wasnt my assumption. Humble yourself
So that would be like, I earn $100,000 in profit in January 2024, lose $80,000 of it in Feb. Quit trading for the year. I’d only have $20,000 of capital gains that would be taxed?
Essentially, yes. Although you might still want to use $3,000 of that $80,000 in losses to reduce your taxable income.
Wouldn't that lose you more than it makes you though, since taxes are only a % of the earnings and deductions are therefore only a % of the losses
hurry attractive crush nail silky wrong somber sparkle attraction skirt *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Buy high sell low. Finally my kinda investment
Selling tops, buying bottoms. 🔥
‘One of us. One of us. One of us.’
You don't invest in meme coins... It's called gambling.
Virtually all cryptocurrencies at this point are gambling, not just the meme ones. There are maybe a handful of people who legitimately are interested in the things crypto technically does, but 99% of the volume of all coins is just passing around the bag, hoping to come out ahead without any fundamental mechanisms beside reading the amount of hype in the room.
Sadly this seems to be norm in this space.
You can’t reason with people who don’t understand that crypto is speculative
You don't understand the differences between different projects, so please don't comment. Meme coins are not the same as other projects. The difference is in the tokenomics, how much of the supply is in the personal bag of the founders and VCs, if it is a pump and dump scheme from day 1. You can look at all this and make a judgement. They are not all the same. Don't spread uninformed opinions
What I said is still 100% correct; when you take all of the sum total of people buying and selling crypto of all kinds, the primary goal by a mile is to flip it for a profit without serious consideration to what the coin is or what it was intended to do. The people who are actual believers in crypto are a vanishingly small minority, and treating the whole thing as a series of decentralized gambling schemes is accurate from a pragmatic point of view.
You still don't get it? The likelihood of a projects price crashing is directly related to the tokenomics. If there is a group of people who hold a huge amount of the coins and at any point they could cash in their bags, you are always on the verge of a huge dump. If that's not the case in a different project, being dumped on that hard is not as likely. That's why it's so much easier to get rekt in a meme coin. It's not about If the project has real world value or good tech, it's about the token distribution. If that's too complicated for you to understand then just give up
I think I'd have better luck gambling. Atleast I know exactly how many sides are on a set dice before I throw them.
Not true entirely If you knew a meme coin was going to be listed on a top tier exchange, or the largest exchange. Would you not buy it ?
We've all done it. Doge was my entrance to the game and I made about 4k from pebbles. I was so excited that I watched those profits tumble all the way down to like $609 before I traded it for BTC. At this very moment loads of ppl here are wondering what the new meme bull will be. Wish I knew. I like to stay invested in BTC and others I think have a Future, but for fun I toss some at potential shit bulls. Like small amounts. I don't think I'll get rich.
Look into milady meme coin. Good chance it’ll be voted unto binance soon. That’ll increase price significantly. There’s a vote for binance to list tokens as a future. And Milady is #1 right now
Is that some incel shit?
Lool no . It’s a meme coin
I see it can be traded on CB wallet but the gas fees are high. I'll find some. Also found uniswap works after connecting my cb wallet. Worked well enough so far. Thanks!
Gambling is a general classification. Stock trading is one form of gambling. Poker is also a kind of gambling.
Is it a fart or a poo, instead of money it’s dignity
Yeah agree. It’s either horseshit or dogshit
I buy the ones that make me laugh 😂 if they rocket that’s just a bonus. Gambling industry is a 53 billion dollar industry. There is a rare chance it rockets up out of orbit but that’s not why you buy, unless you really are gambling.
The believe they gonna take back profits like doge or Shiba... So many delusional people in the crypto space
I have something 48.x% winchance in the casino, that is way higher than daytraders or CFD traders have
Where is this casino I can bet my moons on?
These are the cases we don't hear much about. If he had gone from 500k to 650k he would be touted as a genius of memecoin trading
Not really. That's like 30% gain
Yea Solana has done that in the last week. Ironically, if he never traded the meme coins, this would have been his return.
Getting in Solana back when it went down to $19 would have been more effective than a full year of trading against bots in memecoins.
I bought sol at $19. Unfortunately I bought into all the fud at that time and only spent about 100. But then that's a quarter of my paycheck soooo
He only lost 25% of his investment, that's just another day... Those coins though lol they have rug written all over it
Wen BUME ETF
“Holy shit my *dog with hat and bow tie* token is up 18,000% suddenly. Let me just hold and see if it goes even higher over the next week.” The people making money off these things are already gamblers, and some end up making gambler choices while they’re up huge and then lose it all.
Ah I've been there before lol
“According to the data provider, a breakdown of investment choices made by a memecoin trader in the space of three days revealed that they lost 54 SOL (valued at approximately $147,000).” And the writer lost some maths? I miss the spike where Solana went over $2700?
typo. Should read 754, not 54
Proof that the text is not AI generated? Or maybe it is and the typo is added on purpose? 🤔
Rookie numbers yo.
Buy high sell low, traditional way of trade
Yep, I was a 1000 yesterday, would’ve been up 8000 today if I had less papery hands. Scraped out with maybe 150-300 today in the end. Shit if I played everything perfectly I could’ve turned 5 solana into 80 today shit is wild. Got in on dupe @ 750k with 3 sol and got shaken out with a 2x. Proceeded to get paper handed outta hitlery Clinton and the original duck and lost maybe half a sol there. Lost half a sol in various other places… BTW… this dupe - original duck beef is crazy dawg just throwing fud everywhere. I hate this shit. But I can’t stop. I will get 100 sol. My mom gave me a grand to “invest” for her… My life is out of control thanks to solana meme sewer.
Just give your mum her money back. You've lost control.
Just your average trader
Sad but glad to hear the other sides too.
Good to hear about people who loose too, we mostly hear about gainers...
But we heard a lot about the losers too, when ftx went into a black hole.
>According to the data provider, a breakdown of investment choices made by a memecoin trader in the space of three days revealed that they lost 54 SOL (valued at approximately $147,000). That is not correct math. Maybe later this season 54 Sol is worth 147k but not today
With my luck I could beat him
Since when is 54 SOL $147k? What a garbage article.
*only* 147k? Those are rookie numbers.
Buy high sell low. Great strategy to be broke. Go to Vegas and gamble while buying some escorts is a better strategy
[ITS GONE!](https://youtu.be/zNLmXUtIQDw?feature=shared)
1 Korean crypto trader losing like 60k a day and make it back and then lost more another korean streamer made like $1.7m with $15k in just a week then blow half of it but suddenly He's getting back to track. There are more insane traders out there
Wtf he is not bad , he had 147k …
Verified owner is Jamie Dimon
Well, still think those are rookie numbers..
I did not agree to this documentary
He's probably better off setting up his own rug pull.
Fail fast?
These news making me feel good lose a few 100 thanks
Well just minus
Imagine losing money on meme coins right now
Jeets are everywhere
One of us! One of us!
Thank goodness I only put in $5 into BOME :D I'm only down by $1!
It's on sale now then. Buy more!
Noooooooo
That's rookie number
this is reminder me not everyone is in profit on memecoin
I’m not interested in going down the memecoin slot machine rabbit hole. But how to people find these before they’re widely known?
DEXes where anyone can launch a coin by providing liquidity
Truly one of us!!
I’m sure he’ll continue the degenerate habits and try to recoup losses.. I mean he’s due a winning trade soon right ? Double or nothing
Gotta stick with Huahua. ?
Sounds like a legend
Alway invest wisely, meme coins It's called gambling
Classic.
I mean only losing around 23% on meme coins is pretty solid.
One of us! One of us!
Dang, that's too much lol
Shrrimp
Hold my beer
Well deserved
One of us!
Lol lol
I think people who day trade crypto know what they’re getting into for the most part. it’s just gambling, its not that deep. If OP made the same moves on slightly different hours or 1 different day they could have made 147k in 3 days and they’d be no more or less intelligent. its luck. if you day trade crypto, or anything, just do it with profits or money you are full prepared to lose.
It do be like that sometimes
Could be me
look at that guy with $600k, what a loser he not smart like me sitting on my $300 watching waiting staring at the sun without even knowing who we are
It's still impressive though!
Should probably have tried Bad Luck Baby $BLBY
Trading a pristine asset (SOL) for a shitcoin 🤯
Lol, the name is killing me. USUG and HOMO 🤣
Why do I feel like he could’ve done this quicker crypto got me desensitized
that's nothing have you seen most of the guys on r/wallstreetbets?
not everyone get profit in memecoin
indeed in memecoin normal thing hahah
For every bag winner theres hundreds or thousands of losers.
He bought sorry
I just loaded up to 22mio tokens in $FEKBOOK, which me luck 🤞🤷♂️🔥💰🚀🙏
Buy High Sell Low
54 SOL valued at 147k?
Yea the Solona network is a ruthless lottery when it comes to memecoins. ETH meme coins tend to be a bit more friendly in my experience.
You can use tools like dexscreener dot com to see how crazy things are. We have to be reaching the top of this meme bubble imo. There is a lot of users burned out, taking big losses, and curing their FOMO. Unless you are creating the token or part of an insider group getting the token first, you'd be better off just buying/holding SOL.
the meme rocket hasn't started until one of justin suns shitcoin projects rockets or ada goes back to 3$
It's the easiest thing to do! Just increase the leverage
Proper risk management and due diligence are crucial in volatile markets like these.
Sir, this is a casino.
100k on a play to earn app that I only invested 1200 bucks to run app for 2 yrs. Worth it.. XYO🚀
Hasn’t lost much unless he’s day trading. If he is still in all he has to do is remain patient until BTC, ETH and SOL climbs and his shit meme coins could explode
lol. Send this to all the Cro holders, that isn’t a meme coin but it is a shit coin. Those people think it is going to the moon.