I imagine if they had 1m dollars to invest in memecoins they really didn't care about them. And probably thought "I either make it big or not". Of course, to us, that seems unbelievable, when even 1m could change our lives.
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I don't really think anyone, especially rich people will aim not to increase their wealth. In that situation, I want to think the person got greedy and forgot to take profit, thinking that the price might go higher. It was probably their first rodeo.