Crypto Trader Loses His Entire $1 Million Portfolio Trading This Top Ethereum (ETH) Memecoin; Considers Ending It All

A cryptocurrency trader who goes by the online handle “Crypto Nerd” took to X this morning to reveal a devastating loss – he was liquidated overnight, wiping out his entire $1 million portfolio on the Binance exchange.

The trader had gone massively long (3x leverage) on the Ethereum-based memecoin PEPE after Coinbase announced it was listing the token. Despite multiple sell signals flashing, including a double top pattern, rising Bitcoin and Tether dominance, and altcoins dumping, Crypto Nerd ignored the warning signs out of greed.

“I thought of closing it yesterday, but I was tired and slept,” he wrote. “I thought I’ll monitor it tomorrow afresh after waking up. But now it’s all gone.”

Crypto Nerd, who has been in the crypto markets since 2017, said the life-changing wealth he had amassed over years was erased in a single night. With less than $1,000 left in his bank account, he expressed feeling suicidal and like a failure to his single mother who depended on him.

“I have no friends. I have no life outside of crypto, this was all I had. Now this is gone too,” he said. “I’m sorry mom. I failed you as a son.”

Crypto Community Offers Support and Hope

In the face of this extreme situation, the cryptocurrency community rallied around Crypto Nerd, offering words of hope and sharing their own tales of persevering through major losses.

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“You will be alright brother. Talk to your mom. Understand money comes and goes, it is unimportant. She would rather have her son over any amount of money,” urged @BeterBark.

@0xNeiro shared, “Hey, I’ve lost 800K+ in fews days fews years ago. Don’t worry you’ll make it all back. It’s bull market everything is possible.”

And @FrankhHQ recounted, “Been liquidated so many times last 2021…I did lost $500K on a meme from spot when it dumped from ATH. I was only able to withdraw $6.7K. Im still grinding today. You’ll get over it and you’ll see yourself being back in the game.”

The responses highlighted the high risk but also high potential rewards of crypto trading, as well as the importance of mental health in this volatile arena.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.