The unpredictable nature of the cryptocurrency market has led to substantial losses for another prominent figure.
Machi Big Brother, a well-known influencer and Ethereum advocate with a large following on X, is currently experiencing severe financial setbacks from his investments in the ERC-20 token FRIEND.
On-chain analysis by Lookonchain reveals that Machi Big Brother has lost more than $16 million due to the token’s price plummeting by over 90%.
Machi Big Brother(@machibigbrother) spent ~5.2K $ETH($16.7M) to buy 11.1M $FRIEND, now worth only $0.7M!
He lost ~$16M on $FRIEND!https://t.co/j5UByo1LAf pic.twitter.com/4c5oQPNH62
— Lookonchain (@lookonchain) September 9, 2024
Heavy Losses in FRIEND Token Investment
Machi Big Brother, who commands a substantial following of over 165,000 on X, invested heavily in FRIEND, initially purchasing $11.1 million worth of the token.
This substantial buy-in required Machi to spend approximately 5,200 ETH, valued at $16.7 million at the time. However, the token’s price recently suffered a sharp 26% decline over 24 hours, bringing its value down to $0.05927 per token.
This drop has dramatically reduced Machi’s position to a mere $0.7 million, resulting in a significant $16 million loss.
The rapid devaluation of FRIEND has added Machi to a growing list of crypto traders who have faced harsh outcomes in the volatile market.
Previous Losses in FRIEND Token
This is not the first instance in which Machi Big Brother faced major losses with FRIEND. Back in June, the influencer encountered a 50% loss on his initial investment in the same token.
According to data from Lookonchain, Machi began accumulating FRIEND tokens in early May, acquiring 8.6 million tokens at an average price of $1.81 each. This early investment required approximately 4,975 ETH, worth $15.6 million at the time. Unfortunately, within 30 days, the token’s price plunged by 60%, causing Machi’s holdings to lose significant value.
By the end of June, his position had dropped to just $6.95 million, marking a $8.65 million loss in just over a month. This pattern of losses with FRIEND highlights the volatile nature of speculative crypto investments.
Market Overview of FRIEND Token
Currently, FRIEND is facing ongoing challenges in the market. As of this writing, the token is trading at $0.06114, marking a steep decline in both daily and weekly performance.
In the last 24 hours alone, the token has fallen by 22.35%, and over the past week, it has experienced a 49.32% decline. FRIEND’s total trading volume in the last day reached $333,564, further illustrating the token’s current struggles in the highly volatile crypto space.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
