Some genius out there really burned through $200 million in perpetual contracts chasing "the next PNUT." Yeah, that PNUT—the meme coin that somehow convinced people lightning could strike twice in the same spot.

This is what happens when FOMO meets leverage. You see one token moon, your brain short-circuits, and suddenly you're throwing eight figures at every dog-themed token with a Twitter account. Classic degen move—big money, zero risk management, maximum copium.

The perpetual futures market doesn't care about your dreams or your "this time it's different" thesis. It just takes your collateral and says thanks. Two. Hundred. Million. Gone. That's not a trading mistake—that's an expensive masterclass in what NOT to do.

Maybe the real treasure was the lesson learned along the way. Or maybe not, because let's be honest—whoever did this probably still thinks they were just "early but wrong." The market has a funny way of humbling even the biggest wallets.