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Cryptocurrency News: How One Man Lost $ 8 Million Fortune By Selling Dogecoin Too Soon

A man has revealed how a small mistake he could never have predicted caused him to lose a massive $ 8 million fortune.

A trader has been gutted after losing a fortune of $ 6 million (AU $ 8 million) by selling dogecoins a day too early.

The mystery trader explained how he managed to make over $ 2million (AU $ 2.7million) in profit on shiba inu and dogecoin, but admitted that he could have made a lot more if he hadn’t cashed so early.

However, the investor said he was happy with the life-changing profits as he was able to buy a house.

The trader explained that he kept his cool because the price of shiba inu stagnated during what he called the “winter months”.

He claimed that he then made a profit of $ 1.1 million (AU $ 1.5 million) after selling in the past month, in addition to the profit of US $ 1 million (1.3 million Australian dollars) of dogecoin earlier this year.

Writing on a Reddit forum, the trader said he sold the last of his total of 42 billion Shiba Inu about seven days ago, for a total of $ 1.5 million (AU $ 2 million) .

Since then, the value has steadily increased and selling the same investment today would bring in around US $ 3 million (AU $ 4 million).

He said: “It would be greedy to wait any longer, I wanted to buy a house and just got a free one. “

The trader then revealed, “I made a million with Doge earlier this year and if I had waited one more day it would have been 7 million.

“I was disappointed, but looking back I’m happier having the money than I’m sad not having more.

“So I’m sure when SHIB hits crazy numbers I’ll be disappointed, but hey! “

Shiba inu is one of the most popular cryptocurrencies – with a value that has skyrocketed since its inception in 2020.

The play Shiba inu is presented as “an experience of spontaneous decentralized community building”.

But cryptocurrencies are extremely volatile and can be incredibly risky to invest.

Unlike other types of investing, crypto is unregulated, so you have no protection if something goes wrong.

Another major concern for anyone considering crypto is that there is no guarantee that you will be able to convert your assets back to cash when you need them.

Buying and selling fees and charges can also be much higher than with other investments.

Traders ended up losing their savings after the Squid Game cryptocurrency they purchased turned out to be a scam.

Tech website Gizmodo had previously warned that the coin was likely a scam, but not before the crooks were able to make around $ 2.1 million (AU $ 2.8 million).

Highs and lows

Two contrasting recent stories have shown the volatility of shiba inu investments.

A trader reportedly bought £ 5,800 (A $ 10,600) in crypto last August – and it’s now worth £ 4 billion. (7.3 billion Australian dollars)

The mysterious crypto billionaire bought a gigantic 70 trillion coins shortly after the currency was created 14 months ago, according to their crypto wallet.

According to Etherscan, the anonymous investor started trading on August 1, 2020, when he bought around 70 billion shiba coins in a single day.

But another Reddit user claimed to have convinced his aunt to invest US $ 200,000 (A $ 269,000) in shiba inu crypto – only to lose tens of thousands of dollars in 24 hours.

The anonymous poster says his aunt, 47, was inspired by bragging about the fortune he was making before throwing his savings into the meme’s money.

This story originally appeared on The Sun and is reproduced here with permission

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