Benzinga - by Khyathi Dalal, Benzinga Staff Writer.
A pseudonymous cryptocurrency trader shared a cautionary tale about the dangers of sudden wealth from cryptocurrency and meme coin trading.
What Happened: The story involves a girl who made $250,000 from Dogecoin (CRYPTO: DOGE) and some from Shiba Inu (CRYPTO: SHIB), GameStop (CRYPTO: GME) and AMC (CRYPTO: AMC) but squandered it within six months. In 2021, she had invested $6,000 and in the next six months experienced highs when the meme coins peaked.
Girl makes $250k on dogeProceeds to spend it at all in 6 months on donations, drugs, concerts, tattoos, etc.
Goes crazy, gets hospitalized, loses her job, friends, etc. and doesn't have enough left to pay taxes
Takes her last $4k and buys more