That's So Crypto: I made $253,000 from investing $300, then lost $527,000

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That's So Crypto is a series where we share stories of people's experiences with Crypto. In this episode, Peter talks about making a profit from shitcoins and then losing twice what he made.

-Peter

I got into crypto in 2017; I was introduced to it by a friend I made during NYSC. He created a group and added some of his friends. He then dropped crypto-related stuff to the group, like how to create a crypto wallet and different kinds of exchanges, you know, the basics.

The biggest amount I made from crypto would be $253,000 during the shit coin era of January to August 2021. I made $253,000 from crypto, which I used to buy my own house and car in Abuja. I also bought some other properties and started a business for one of my siblings, you know, basic stuff like that.

It was a crazy experience because I only invested up to $300 in PIG coins back then. Aside from that, there was this coin NFTART. I think I invested $102 in NFTART at a point in time when my $102 was worth $527,000, but greed got the best of me.

I had a target of the coin hitting $1 million before I cashed out on it, which turned out to be a big mistake. It was a huge mistake because when the whole shitcoin season started coming down, my $527,000 started going from 527,000 to 500, to 400 to 300. I kept hoping that it would pump back up like how shitcoins do.

I felt that it was okay because I already cashed out from PIG, and the money I made from it was a lot. So I wasn't in a hurry. I didn't need the money urgently because I was living off the money I made from PIG. So I could risk the NFTART money and wait and see if it was going to pump back up; it was a big mistake because $527,000 in today's economy is a lot of money.

I am still a trader, but I mostly trade P2P these days. The thing about crypto is you cannot be too careful; you will still suffer loss. But still, don’t trade blindly.