Skip to content

Crypto influencer lost $8 million in one month from a $15 million investment

Crypto influencer lost $8 million in one month from a $15 million investment

The cryptocurrency market went through a shakeout, with most cryptocurrencies experiencing a crash in the past 24 hours. A crypto influencer and Ethereum (ETH) supporter currently holds $8 million in unrealized losses with the ERC-20 token FRIEND.

Notably, the pseudonymous influencer Machi Big Brother, with 164,400 followers on X, has over 50% losses with FRIEND. Lookonchain spotted the one-month losing position from the labeled account and reported it in a post on June 8.

According to the on-chain analyst, Machi Big Brother has been buying the token since May 3. Overall, he bought 8.6 million FRIEND for an average price of $1.81. The crypto influencer spent 4,975 ETH, worth $15.6 million, in this investment, currently down 55%.

As of this writing, FRIEND trades at $0.808, having crashed 60% in the last 30 days. Therefore, Machi Big Brother’s position is now valued at $6.95 million, down $8.65 million in over a month. (FRIEND) one-month price chart. Source: CoinMarketCap

FRIEND and social volume with crypto influencers

The well-known cryptocurrency trader Ansem has defined FRIEND as a meme coin and a “culture coin,” highlighting its ecosystem. Ansem posted this on X on May 4, suggesting he could have been building a position on the token approximately at the same time the other crypto influencer did.

Interestingly, the token peaked in social volume and price in early May but never reached these levels again. Data from Santiment suggests FRIEND experienced a brief hype driving its prices and crypto influencers’ interest one month ago. However, this was a short-life surge, which has now been fading away and accumulating losses.

FRIEND price and social volume. Source: Santiment / Finbold (Vini Barbosa, using Sanbase Pro)

Meme coins and the greater fool theory

Meme coins, like FRIEND, come with significant risks that traders must not underestimate due to their speculative nature. These cryptocurrencies often lack intrinsic value, and their prices are primarily driven by social media hype and buzz.

Crypto influencers and traders who invest in meme coins are essentially gambling, hoping to sell at a higher price to others. This mindset aligns with the “Greater Fool Theory,” which suggests profits can be made from overvalued assets. However, this theory also underscores the inherent risk, as the market may eventually run out of willing buyers.

When hype fades and demand wanes, traders can be left holding worthless assets, resulting in substantial financial losses.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

Best Crypto Exchange for Intermediate Traders and Investors

  • Invest in 70+ cryptocurrencies and 3,000+ other assets including stocks and precious metals.

  • 0% commission on stocks - buy in bulk or just a fraction from as little as $10. Other fees apply. For more information, visit

  • Copy top-performing traders in real time, automatically.

  • eToro USA is registered with FINRA for securities trading.

30+ million Users
eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. eToro USA LLC does not offer CFDs, only real Crypto assets available. Don’t invest unless you’re prepared to lose all the money you invest.

Read Next:

Weekly Finance Digest

By subscribing you agree with Finbold T&C’s & Privacy Policy

Related posts

Disclaimer: The information on this website is for general informational and educational purposes only and does not constitute financial, legal, tax, or investment advice. This site does not make any financial promotions, and all content is strictly informational. By using this site, you agree to our full disclaimer and terms of use. For more information, please read our complete Global Disclaimer.