Whale Loses $4.63 Million Selling Memecoin at a Loss
A cryptocurrency whale has once again made a costly mistake, selling all its tokens in a memecoin at a loss of $4.63 million. The on-chain data reveals that the whale sold 2.34 million tokens of the altcoin, known as dogwifhat (WIF), resulting in a loss of $3.77 million. This latest sale adds to the whale’s previous losses, which amounted to $1.92 million. In total, the whale has lost $4.63 million from its investments in WIF.
The whale initially purchased $7.96 million worth of WIF tokens on April 8, buying them at an average price of $3.88. However, when it sold the tokens on May 7-8 at an average price of $2.95, it incurred a loss of $1.92 million. In its latest transaction, the whale bought back the tokens it had previously sold at an average price of $2.77 between May 16 and May 20, spending $6.48 million. Unfortunately, when it sold these tokens recently at an average price of $1.61, it lost $2.71 million.
It appears that this whale has not learned from its past mistakes and continues to make poor investment decisions. Investors should take note and exercise caution when dealing with volatile altcoins like WIF.