Surprisingly, Crypto Nerd, a famous figure in the crypto world, woke up to the terrible news that all of his assets had been sold overnight, leaving him with a huge loss of $1 million.
What happened? Let’s look at the exciting story that happened while everyone else slept.
What went wrong with crypto?
Early in the morning, Crypto Nerd, an experienced trader who has been in crypto since 2017, ran into money problems. He was brave to go long on the PEPE coin three times, but it would soon cost him. He had no idea how quickly the market would drop, causing PEPE’s value to drop by an unbelievable 20% overnight, to a mere $0.0000059.
Just woke up and realised I got liquidated overnight.
I was 3x long PEPE.
I lost everything I had.
I don’t even have $1000 in my bank account but had $1M in binance.
I have been in crypto since 2017.
Today I lost everything.
Feel like doing suicide 😭😭$PEPE $BTC pic.twitter.com/XAZeatuWW7
— Crypto Nerd (@cryptonerd75) April 12, 2024
The quick and huge loss is a sharp warning of how volatile the cryptocurrency market is and how dangerous it is to speculate with borrowed money. Even though Crypto Nerd has been in the business for years, this happened. It shows that even experienced traders can lose money when they use high-risk trading methods.
Pepe Coin Liquidation
According to Coinglass, in just 24 hours, a staggering 296,926 buyers faced the same fate: their accounts were liquidated, and they lost a total of $939.54 million. One of the currencies that was hit the hardest was PEPE coin, which lost a total of $8.77 million and caused a lot of damage.
The huge losses of today are caused by a mix of falling markets around the world and rising political conflicts. The once-reliable PEPE coin got caught in the middle and dropped by an unheard-of 20% as trade volume soared to an unbelievable $1.32 billion.
Community in Shock
Many people in the crypto community related to Crypto Nerd’s story, which led to conversations about how to handle risks and how important it is to be ready for sudden changes in the market.
As the crypto market continues to change, buyers are told to be careful and do their research before investing.
