Two months ago, a cryptocurrency investor lost a large amount of money betting on an unproven meme token in the market. On August 29, a trader invested $1 million (7,156 SOL) in the meme cryptocurrency 'MBAPPE', which quickly fell in value, leaving the investor with only $9,000 in an hour, according to data from Lookonchain. This case highlights the importance of not putting all your eggs in one basket, as many things can happen in the volatile world of cryptocurrencies. The MBAPPE token, launched on the Solana blockchain, was falsely associated with the football player Kylian Mbappé after his account on the social network X was hacked and used to promote the token. It is worth mentioning that the chain responsible for official sports is Chiliz.
The value of the token increased rapidly after its launch but lost all its value in a short time. Platforms like Crypto.com warned investors about this scheme. This case evidences the risks of investing large sums in unknown digital assets, where market manipulation and lack of liquidity can lead to significant losses.
Some traders managed to profit from this scam. One of them turned $29 into $125,000 in just three minutes trading the same MBAPPE token. Although some meme coins can generate profits, caution and research are recommended before investing in new tokens.
