Yesterday, I spoke with a friend who struggled to keep up with an “Alpha” tip and ended up in a difficult situation. I realized just how harsh the consequences of following certain narratives can be. This friend had been completely convinced by the hype surrounding $XNY, and as a result, the $XPL he received in September has remained tied to that same narrative. Originally worth over $300, it has now dropped to just $48. With the intense market competition in October and November, his holdings have been squeezed even further. After accounting for airdrop income, he has effectively lost more than $80.
This situation might not be unique. The significant selling pressure from XPL could be a major factor behind the coin’s decline from $1.80 to its current level. What is remarkable, if not somewhat concerning, is that he has held on to this narrative despite such losses. It highlights the powerful influence of belief in a story and the real financial consequences it can have.
