In the cryptocurrency market, most investors and traders try to follow the tracks of whales. Because there is a widespread belief that the owners of large wallets acquire this wealth with the right decisions. However, it is not possible to say that ‘every cryptocurrency whale wins’. Here is an example of this: An anonymous whale lost $147K in ETH while investing in meme coin.
Meme coin investments have made some people rich!
cryptocoin.comAs you follow, the world of cryptocurrencies is full of stories of some investors, often larger, who have made their fortunes through their investments in more speculative assets like meme coin. These examples tend to attract some resentment as well as envy from less fortunate market participants. But today we’re going to take a look at the other side of these cryptocurrencies.
A few years ago, there was the meme coin Dogecoin (DOGE), which was at the peak of its popularity. Then another dog-themed meme coin, the Shiba Inu (SHIB), appeared. This year, at least for now, the big meme coin boom came from PEPE. Shortly after it debuted in April, many stories have surfaced about becoming millionaires overnight, including this one. In this story, a knowledgeable investor turned $27 into $1 million after taking advantage of the PEPE craze.
The mysterious whale lost its investments this time!
However, not everything is rosy. Lookonchain shared data on an NFT whale named ‘sighduck’ who did not have much success investing in meme coins. According to the on-chain analytics provider, the whale in question has lost a total of $147,000 worth of ETH in various meme coins this month. Perhaps even more painfully, some, like TURBO and BEN, skyrocketed up to 85x after the whale sold their share.
Controversies around PSYOP also affected the whale. They sent 5 ETH to ben.eth which according to ZachXBT could be an obvious scam. They then received 8.9 million PSYOPs. However, the whale thought it would be defrauded and sold them all without loss or profit. Still, PSYOP increased 5x after selling the ‘sighduck’ position, despite being an alleged scam. Maybe some kind of FOMO-feeling whale spent 60 ETH to buy PSYOP. But after 10 minutes it sold without loss or profit. He was probably worried about being scammed again.”
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