The price of $GNON has dropped by over 95% from its peak, leading to significant losses for early investors.
Prominent trader Eugene, who once made substantial gains through $GNON, recently admitted to making a poor investment decision.
His initial smart-money bet, which once turned a $3,000 investment into 57.37 million tokens worth over $9 million, has now dwindled in value to just $494,000—a sharp 94% drop.
顶级交易员 Eugene 承认 $GNON 投资失策 —— 曾通过 GNON 浮盈 3000 倍的聪明钱，其 5737 万枚代币持仓价值已缩水 94%，900 万美金仅剩 49.4 万美金😵
该聪明钱曾通过三个地址花费 3000 美金买入 5600 万枚 GNON，目前代币分散在四个地址中，只有一个地址曾有过小额卖出
成也钻石手，败也钻石手了💎 pic.twitter.com/3p8gq5YEy7
— Ai 姨 (@ai_9684xtpa) October 28, 2024
This downturn in $GNON’s value has left Eugene’s holdings spread across four different addresses, with no major sales to recoup losses. Only one of the addresses ever sold a small portion, highlighting a strategy of holding that has proven costly during the token’s decline.
$GNON Large Holders Exit The Market In Loss
Adding to the wave of capitulation, $GNON’s largest holder has also exited, selling off 20 million tokens for 1,184 $SOL (about $209,000) in a single transaction. At $GNON’s peak, these tokens were valued at over $3.3 million, underscoring the steep price collapse and diminishing returns for major investors.
The $GNON price has dropped over 95% from its peak!
Trader @0xENAS even admitted his investment failure in $GNON!
The largest $GNON holder also capitulated, selling 20M $GNON for 1,184 $SOL($209K) in a single transaction, which was worth over $3.3M at the peak!… pic.twitter.com/KcrlrKNtfw
— Lookonchain (@lookonchain) October 28, 2024
The once-promising token saw early backers achieve remarkable returns, including a 3,000-fold increase at its height. However, with $GNON’s sharp drop in value, even seasoned investors who made considerable gains have now been left facing steep losses. This steep decline serves as a cautionary tale for crypto investors, reminding them of the volatility in the market and the risks of holding assets during extended downturns.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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