According to data provided by cryptocurrency analysis company Arkham, a major cryptocurrency whale suffered great misfortune in an altcoin launched today.
The TREE altcoin, released by Tree of Alpha, one of the most well-known phenomena in the cryptocurrency world, made a splash today. Followers of the phenomenon competed with each other to be one of the first buyers of the token, whose launch date was announced before.
One of the whales who managed to get a share from the first row of mined blocks purchased exactly $ 235,000 worth of TREE tokens. This is an incredible figure for an altcoin that has just been launched and has a very small market value.
However, shortly after the cryptocurrency whale bought TREE tokens, it lost 97.8% of its value. The price of the TREE tokens purchased by the whale dropped to only $5,400 after this development. At the time of writing this article, the whale has still not sold its tokens.
TREE founder Tree of Alpha said in his statement that all TREE tokens have been released and there are no locked tokens. In addition, the influencer stated that TREE tokens do not have any intrinsic value and are considered by the community to have memecoin potential.
*This is not investment advice.