Whale’s Impatience Costs Millions as it Sells All Memecoin Tokens at a Loss
A cryptocurrency whale has once again made an ill-advised move, selling all of its tokens in an altcoin at a significant loss of $4.63 million. This whale, known for its impatience, seems to have learned little from its previous mistakes.
According to on-chain data provided by Lookonchain, the whale sold 2.34 million WIF tokens, valued at $3.77 million, in its latest sale. This resulted in a loss of $2.71 million for the wallet. It is worth noting that this is not the first time the whale has suffered losses with WIF tokens.
In previous transactions, the whale had already lost $1.92 million. In total, the wallet has made two trades with WIF tokens, and both have resulted in financial losses. The cumulative loss for the whale now stands at $4.63 million.
The whale initially purchased $7.96 million worth of WIF tokens on April 8 at an average price of $3.88. It then sold these tokens on May 7-8 at an average price of $2.95, incurring a loss of $1.92 million. In its most recent transaction, the whale bought back the WIF tokens it had previously sold for an average price of $2.77 between May 16 and May 20, spending $6.48 million. However, it sold these tokens just hours ago at an average price of $1.61, resulting in a loss of $2.71 million.
It is clear that this whale’s impatience and lack of strategy have cost it millions of dollars. Investors should take note and exercise caution when making investment decisions. The cryptocurrency market can be volatile, and impulsive actions can lead to significant financial losses.
Disclaimer: This article is not intended to provide investment advice.
