Whale investors, who are closely followed in the cryptocurrency market, can sometimes make astonishing profits but also miss great opportunities with wrong decisions.
According to data provided by Lookonchain, a crypto whale lost more than $1 million by selling an altcoin called Pnut, which was recently launched as a memecoin, ahead of the surge.
The data shows that the whale in question sold 19.1 million Pnut tokens at a loss of $1099. This amount of tokens is worth $1.6 million at the time of writing.
This wallet paid 11 SOL, or approximately $1882, as an early investor for 19.1 million Pnut tokens and received 4.57 SOL, or $783, when selling. Its total loss was $1099.
On the other hand, the crypto whale probably panicked due to the sudden drop in memecoins due to their risky nature.
The total supply of the token is seen to be 999 million tokens. In other words, the whale held approximately 1.6% of the total token supply of this altcoin at one time. At the time of writing, the total market value of the Pnut token is around $ 63 million.
*This is not investment advice.