The volatile crypto market has claimed another high-profile victim, with a popular crypto influencer and Ethereum supporter currently holding over $8 million in losses from the ERC-20 token FRIEND.
The influencer known as Machi Big Brother, boasting 164,400 followers on the social media platform X, has seen a staggering over 50% loss on his FRIEND investment, according to on-chain data analyzed by Lookonchain.
Machi Big Brother began accumulating FRIEND tokens on May 3, purchasing a total of 8.6 million tokens at an average price of $1.81 each. This ambitious investment saw him spend a colossal 4,975 ETH, worth around $15.6 million at the time.
However, with FRIEND’s price crashing 60% in the last 30 days to currently trade at just $0.8516, Machi Big Brother’s position is now valued at a mere $6.95 million, a massive $8.65 million loss in just over a month.
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Image Source: CoinMarketCap
This experience with FRIEND shows the volatility risk associated with meme coins that do not have any value within them and are mainly influenced by trends in social media.
In essence, traders like Machi Big Brother are involved in a game of chance as they hope to make sales at high prices before the hype fades and demand dries up leaving them stuck with worthless tokens.