On January 7, 2025, a trader made a costly mistake by entering $MPLX twice due to FOMO during a price surge, as reported by @lookonchain. The initial entry was made at 10:00 AM UTC when the price of $MPLX was at $1.50, followed by a second entry at 10:30 AM UTC at $1.60. The price then surged to a peak of $1.75 at 11:00 AM UTC before plummeting to $1.30 by 12:00 PM UTC (@lookonchain). The trader panic-sold both positions at this low, resulting in a total loss of $59,000 within just two hours (@lookonchain).

The trading implications of this event highlight the dangers of FOMO-driven decisions and the importance of setting stop-loss orders. The trader's first entry at $1.50 and second at $1.60, followed by a rapid sell-off at $1.30, indicates a lack of risk management strategy (@lookonchain). The trading volume during this period spiked from an average of 10,000 $MPLX traded per minute to 50,000 at the peak of the surge, indicating high market volatility and liquidity (@lookonchain). This event underscores the need for traders to adhere to disciplined trading practices and not succumb to emotional trading.

Technical indicators during the $MPLX price surge showed an RSI of 78 at 11:00 AM UTC, indicating overbought conditions just before the price drop (@lookonchain). The trading volume data further corroborates the market's reaction, with a volume spike to 50,000 $MPLX per minute at the peak, followed by a sharp decline to 5,000 $MPLX per minute by 12:00 PM UTC as the price fell (@lookonchain). Additionally, the market depth data showed a significant increase in sell orders at $1.30, contributing to the rapid price decline (@lookonchain). This event serves as a cautionary tale for traders to monitor technical indicators and volume data closely to manage their trades effectively.