Many people are losing huge money in Solana meme crypto tokens: Data shows
An analysis by a crypto analytic platform showed that a single person lost a huge amount of money by investing in Solana meme tokens.
Solana is a popular Proof-of-stake (PoS) crypto network which is mainly known for its high network scalability, thanks to its unique protocol Proof-of-history (PoH). The network fee on the Solala network is very low and this makes it more affordable & attractive for small crypto traders.
Notably in the last couple of months, many Solana network-based crypto meme tokens took birth and the majority of them surged by multiple folds.
Across social media platforms, many people revealed that they became millionaires by investing in these meme crypto tokens.
By taking this situation as an opportunity, many crypto influencers are also backing stupid crypto tokens and predicting that the promoted token will surge by 10× 100x 1000x. Unfortunately we are not talking about a single crypto influencer, almost every crypto influencer supports different types of meme tokens blindly.
For promoting tokens, these influencers are making a profit but many people are losing money. Losers, investors who lost money in these tokens, are not talking about the loss that they are facing.
Crypto tracking platform LookonChain found a guy who invested in 11 meme crypto tokens and faced loss in all the investments. In total, that guy lost $147k, which is a very big amount of money for small investors.
So here we need to understand that some crypto tokens can surge by multiple folds in a short time but people need to have better timing & better luck to get rich with these token investments.
Here we need to remain attentive against all the crypto influencers, who are promoting these stupid crypto tokens which have no use case & no community support.
We would like to advise all such people to invest in the top 10 flagship crypto assets and wait for a significant increment in the trade price, instead buying useless crypto tokens blindly.
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