How many times have you seen such posts from Twitter influencers? They start with the Ticker of tokens they apparently gave people. Then they end the post with the new coin Ticker they want you to buy.
It feels almost as if it’s a copy-and-paste message from all of these people. They do it for engagement, and unfortunately, many fall for it.
One such person is Chen. Let’s see his story, and then see what we can learn.
$58,000 Lost Following Bad Call
One of the influencers Chen follows on Twitter posted a long thread “to rule them all” of all the major tokens for massive gains in 2022. One of the projects the said influencer mentioned was YFI
YFI has a total supply of 36,666 and was trading around $25,000 at the time in December of 2021. The influencer claimed that YFI would get to $1 million per token before #Bitcoin. So, Chen invested all he had and bought 3 YFI
Today, Chen is down 77% from his YFI purchase. $58,000 has been lost so far from that investment. Anytime he sees tweets from that influencer, Chen feels anger towards him.
What Can We Learn?
- Never buy a token just because someone with large following said to
- Always dyor, and take full responsibility
Posts like these will keep popping up every now and then. It is up to you to discern who is genuine or not. And even with those who are seemingly genuine, you want to spend time doing some research before buying.
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