A crypto trader lost a massive $654,000 on dogwifhat (WIF).
The trader sold his WIF holdings for 4.08 million USDC.
The trader shifted to other altcoins, including CHILLGUY, Fartcoin, and UBC.
A crypto trader incurred massive losses after betting on dogwifhat (WIF), a prominent meme coin on the Solana (SOL) blockchain. In less than 24 hours, sbfonchain.sol sold the coins for 4.08 million USDC, losing $654,000 on the position.
Interestingly, the trader remained bullish on meme coins and, after closing their WIF position, immediately invested the remaining funds into other similar coins. The entity used 1 million USDC to buy 1.6 million CHILLGUY tokens, 500,000 USDC for 1.44 million Fartcoin, and 176K USDC for 2.6 million UBC.
Meme Coin Market Overview
The meme coin sector is worth approximately $121 billion, with $25.3 billion in trading volume over the past 24 hours. Dogecoin (DOGE) and Shiba Inu (SHIB) lead the industry, with market capitalizations of $57.4 billion and $14.5 billion, respectively.
Read also : Shiba Inu’s $1 Dream: Can a 99% Burn Make It Happen
Notably, WIF ranks as the fifth-largest meme coin and 44th in the overall crypto mark…
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