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.

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 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.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: angrysun/123RF // Image Effects by Colorcinch