An interesting activity was observed in the movements of a whale in the onchain data examined by cryptocurrency analysts.
The cryptocurrency whale detected by Lookonchain seems to have recently purchased a large amount of memecoin. Data shows that the whale trading on the Solana network purchased $1.85 million worth of dogwifhat (WIF) and $281,000 worth of POPCAT.
The whale, which had previously traded, bought WIF worth $2.18 million at $2.98 and POPCAT worth $361 thousand at $0.5 3 days ago.
At the time of writing this article, WIF price is traded at $ 2.54, while POPCAT is around $ 0.37.
In other words, the data shows that the whale in question has actually suffered significant damage.
With the two memecoins experiencing a significant decline, the whale lost 336 thousand dollars in WIF token and 80 thousand dollars in POPCAT.
While WIF is traded on Binance, the world's largest cryptocurrency exchange, POPCAT is an altcoin with a relatively lower market value and is traded only on some smaller cryptocurrency exchanges.
*This is not investment advice.