While most cryptocurrencies are experiencing a severe bearish trend at the beginning of the last week of June, Solana’s largest memecoin, Dogwifhat ($WIF), has bucked the trend with a slight bullish uptick, rising by 3% today.
However, despite $WIF’s modest gains, a significant whale in the market has suffered substantial losses. This whale sold all 2.34 million $WIF tokens today, valued at $3.77 million, incurring a loss of $2.71 million. This sale marks the second major loss for the whale, who has lost a total of $4.63 million trading $WIF.
The whale’s troubled history with $WIF began on April 8, when they bought 2.05 million $WIF for $7.96 million at an average price of $3.88 per token. The whale then sold these tokens on May 7 and 8 at $2.95 per token, resulting in a loss of $1.92 million.
Whale Hits Rock Bottom With Over $2.71 Million Loss On $WIF Investment
Undeterred, the whale purchased 2.34 million $WIF between May 16 and May 20 for $6.48 million, at an average price of $2.77 per token. Unfortunately, they sold these tokens just three hours ago at $1.61 per token, losing another $2.71 million.
A whale sold all 2.34M $WIF($3.77M) 3 hours ago, losing $2.71M again!
This whale had already lost $1.92M on $WIF before and didn’t learn his lesson!
He traded $WIF 2 times in total, losing money each time, with a total loss of $4.63M!
He bought 2.05M $WIF($7.96M) at $3.88 on… pic.twitter.com/o3etpPgri4
— Lookonchain (@lookonchain) June 24, 2024
This series of trades highlights the extreme volatility and risk associated with trading memecoins like $WIF. Despite the whale’s persistent optimism, their strategies have led to significant financial setbacks.
In contrast, $WIF’s slight bullish presence today amidst a generally bearish market indicates some resilience or speculation-driven interest in the token. While most cryptocurrencies are struggling, $WIF’s modest rise provides a glimmer of hope for its investors.
As the market continues to evolve, traders should remain cautious and learn from such high-profile losses, recognizing the importance of strategic trading and risk management in the volatile world of cryptocurrencies.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: loft39studio/123RF // Image Effects by Colorcinch