Top Highlights
TL;DR
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Spike in Popularity: A meme coin named after the Pope surged in value, reaching a market cap of over $300 million, before crashing due to significant trading activity.
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Controversial Claims: The coin’s website states that 35% of its supply is allocated to the Catholic Church, promoting it as a means to support the Pope and charitable initiatives.
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Investor Losses: A trader suffered a staggering loss of $111,000 in under five minutes after buying into the coin, highlighting the risks of FOMO trading.
- Exchange Listings: Major exchanges like GateIo and MEXC quickly added the coin for trading, further fueling its rapid rise and subsequent fall.
Insiders Made $1M, Outsider Lost $111K in 5 Minutes
A new meme coin called POPE has captured attention in the cryptocurrency market. Insiders reportedly made over $1 million by quickly selling their tokens. Meanwhile, one unfortunate investor lost $111,000 in just five minutes.
Recently, exchanges like GateIo and MEXC listed POPE for trading, leading to a surge in value. The coin’s market cap allegedly soared past $300 million before it crashed. Yet, verifying this data proves challenging. CoinGecko even removed POPE from its platform, raising eyebrows among traders.
The coin’s website claims that 35% of the 1 billion token supply will support the Catholic Church. Additionally, 25% is allocated for creators and marketing, leaving only 100 million for public distribution. The site states its mission is to empower the Church and promote decentralized finance.
However, excitement over POPE led to rash decisions. One trader, driven by fear of missing out (FOMO), spent $200,000 in USDC to buy tokens. Instantly after his purchase, the price plummeted. In a panic, he sold his tokens for just $89,000, losing $111,000 in mere minutes.
The rollercoaster of the cryptocurrency market highlights the risks involved. As new assets like POPE emerge, they can generate both significant gains and devastating losses. Traders must exercise caution and make informed decisions to protect their investments.
For those interested in cryptocurrency, consider researching carefully before diving in. Stay informed to navigate this volatile landscape.
TL;DR: Insiders profit over $1M with meme coin POPE, while one trader loses $111K in five minutes due to hasty buying.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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