A whale has recently gone through huge losses. SpotOnChain, a famous crypto analytics firm, has revealed a distressing story of a big investor who incurred substantial losses on a memecoin due to a mistake. The analytics company took to its official X account to disclose the details of the respect sad event.
What a sad story!2 hours ago, a whale deposited 519B $PEPE ($5.11M) to #Binance at an est. loss of $207K (-3.9%).The whale accumulated these $PEPE tokens before the ATH in late May and could have made a $3.47M profit had it unloaded during the pump!Besides losing in PEPE,… pic.twitter.com/sFZ3rvIPI3
— Spot On Chain (@spotonchain) July 7, 2024
Whale Suffers Massive Loss after Investing in $PEPE Memecoin
Just a couple of hours back, the whale reportedly deposited a stunning amount of up to 519B $PEPE coins. The whale reportedly deposited this amount, equaling up to $5.11M, into the prominent centralized crypto exchange Binance. However, the whale misjudged the situation and this development paved the way for a significant loss. To the disappointment of the whale, the asset went through a staggering decline of 3.9%
Holding the Asset for Too Long Resulted in the Loss
As a result of this, the whale witnessed $207,000 in losses. The respective event becomes even more saddening as the whale had collected the respective coins before the all-time high of the asset. This took place back in May’s last days. If the whale had traded their holdings when the token was at its peak, the outcomes would have been different. In such a situation, the whale could have obtained a profit of up to $3.47M with the same memecoin trade. Nevertheless, holding it for long led to the losses.
As per SpotOnChain, this is not all as the whale currently sees $6.68M in terms of unrealized losses in other assets. They take into account $YFI and $AAVE. Keeping that in view, the cumulative losses of the whale have reached an enormous amount of approximately $6.88M.