The cryptocurrency area is stuffed with tales concerning sure buyers, sometimes bigger ones, who made fortunes with their investments in additional speculative belongings like memecoins. These examples have a tendency to draw jealousy in addition to some resentment from much less lucky market contributors.
At present, nonetheless, we’ll check out the opposite facet of this coin.
- Just a few years in the past, it was Dogecoin. Then, it was Shiba Inu. This yr, at the very least for now, the huge memecoin explosion has come from PEPE.
- Shortly after its launch in April, a number of tales about in a single day millionaires emerged, together with this one. In it, one savvy investor turned $27 into $1 million after making the most of the PEPE mania.
- Nevertheless, it’s not all roses and rainbows. Lookonchain shared knowledge about an NFT whale – going by the deal with @sighduck – who has not been all that profitable when investing in memecoins.
- In keeping with the on-chain analytics supplier, the stated whale misplaced in complete $147,000 price of ETH to date this month on varied memecoins.
- Maybe much more painfully, a few of them – corresponding to TURBO and BEN – skyrocketed by as much as 85x after the whale offered their parts.
- The controversy round PSYOP has additionally impacted the whale. They despatched 5 ETH to ben.eth, which might be a blatant rip-off, in response to ZachXBT, and obtained 8.9M PSYOP. Nevertheless, the whale “could really feel scammed,” they usually offered all with out loss or revenue.
- But, PSYOP, regardless of being an alleged rip-off, jumped by 5x after @sighduck offered their place. Maybe feeling some type of FOMO, the whale “spent 60 ETH to purchase PSYOP and offered after 10 minutes with out loss or revenue, in all probability apprehensive about being scammed once more.”
2/ The primary token @sighduck purchased was $TURBO and misplaced 24 $ETH ($46,313).
He purchased $TURBO at $0.0004915 on Could 4, and he offered all $TURBO at $0.0002525 because of the worth drop a day later.
And the worth of $TURBO skyrocketed 10x after he offered. pic.twitter.com/n2ddamVDpl
— Lookonchain (@lookonchain) May 26, 2023
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