The cryptocurrency market is full of surprises as investors can either go to the moon or crash badly on Earth. No shoe size fits all, while some make $1 million with the same investment, the others make $0. The secret sauce to making money in the cryptocurrency market is yet to be cracked as luck, fortune, and timing play an important role.
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Luck, fortune, and timing are the cornerstones of meme cryptocurrencies that can make or break an investor’s dream. One such dream was shattered as an early investor got the clear-cut opportunity to make $12 million but missed it on a whisker.
Cryptocurrency: Instead of Earning $12 Million, Man Makes $7,000
The meme cryptocurrency DogWifHat (WIF) was launched in December 2023 at a modest price of $0.004. An investor purchased DogWifHat cryptocurrency worth $5,000 and got to accumulate 1,250,000 (1.25 million) WIF tokens in December 2023.
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Just when DogWifHat started to rally, the investors’ portfolio turned from $5,000 to $7,000 in a week. The investor thought that the $2,000 profit was a “genius” move and pulled the plug by selling all his DogWifHat cryptocurrency.
To his surprise, WIF deleted all its zeroes from January to April 2024 and touched an all-time high of $4.83 in March. If the investor had held on to WIF for just three months, his $5,000 investment could have turned into $12 million. All these life-changing profits would have been attained in less than 100 days of investment.
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Furious about not making millions, the investor then put in $100,000 in other cryptocurrencies and squandered all of it. He revealed his confessions anonymously on Coinfessions Twitter page providing other investors a lesson about holding on for the long term.
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“I put $5,000 into WIF (DogWifHat), sold for $7,000 thinking I was a genius. My bag would be worth $12 million right now. I lost over $100,000 trying find the next WIF. I am ruined,” he said.
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