The cryptocurrency space is full of stories regarding certain investors, typically larger ones, who made fortunes with their investments in more speculative assets like memecoins. These examples tend to attract jealousy as well as some resentment from less fortunate market participants.
Today, however, we will take a look at the other side of this coin.
A few years ago, it was Dogecoin. Then, it was Shiba Inu. This year, at least for now, the massive memecoin explosion has come from PEPE.
Shortly after its launch in April, multiple stories about overnight millionaires emerged, including this one. In it, one savvy investor turned $27 into $1 million after taking advantage of the PEPE mania.
However, it’s not all roses and rainbows. Lookonchain shared data about an NFT whale – going by the handle @sighduck – who has not been all that successful when investing in memecoins.
According to the on-chain analytics provider, the said whale lost in total $147,000 worth of ETH so far this month on various memecoins.
Perhaps even more painfully, some of them – such as TURBO and BEN – skyrocketed by up to 85x after the whale sold their portions.
The controversy around PSYOP has also impacted the whale. They sent 5 ETH to ben.eth, which could be a blatant scam, according to ZachXBT, and received 8.9M PSYOP. However, the whale “may feel scammed,” and they sold all without loss or profit.
Yet, PSYOP, despite being an alleged scam, jumped by 5x after @sighduck sold their position. Perhaps feeling some form of FOMO, the whale “spent 60 ETH to buy PSYOP and sold after 10 minutes without loss or profit, probably worried about being scammed again.”
2/ The first token @sighduck bought was $TURBO and lost 24 $ETH ($46,313).
He bought $TURBO at $0.0004915 on May 4, and he sold all $TURBO at $0.0002525 due to the price drop a day later.
And the price of $TURBO skyrocketed 10x after he sold. pic.twitter.com/n2ddamVDpl
— Lookonchain (@lookonchain) May 26, 2023
The post Not Every Whale Is a Winner: This One Lost $147K in ETH on Memecoins appeared first on CryptoPotato.