In an unexpected move, a whale recently sold 16 million $PEOPLE tokens, worth $1.23 million, at a substantial loss of $250,000, according to data from the crypto analytical platform Lookonchain. The sale occurred a few hours ago, marking a significant financial misstep for the investor.
A whale sold 16M $PEOPLE($1.23M) at a loss of $250K 2 hours ago.The whale bought 16M $PEOPLE($1.23M) at $0.093 on July 1 and July 21.https://t.co/G1UrHAc8SI pic.twitter.com/UfDwoNR9eb
â Lookonchain (@lookonchain) October 11, 2024
Whaleâs Loss Contrasts with $PEOPLEâs Market Gains
The whale had originally purchased the 16 million $PEOPLE tokens on July 1 and July 21, when the price of Constitution DAOâs native token was at $0.093. Based on the transaction timeline, it appears the whale mistakenly bought the coin at its peak, highlighting a classic âbuy high, sell lowâ scenario.
Statistically, this is a 20% loss for this whale. It is likely that the whale realized this loss to shift to some other asset for better gains. He waited almost 3 months and now he may go for any trending narrative such as Memecoins, AI, or RWAs.
Despite the whaleâs misfortune, $PEOPLE itself is not underperforming in the market. The token has gained 11% in the last 24 hours, showing resilience amid volatile market conditions. This recent uptick suggests that the broader market remains relatively optimistic about Constitution DAO, although the whaleâs premature exit has drawn significant attention.
Crypto Whaleâs Loss Sparks Debate on Timing Risks as $PEOPLE Shows Upward Momentum
Lookonchainâs chart analysis underscores the unusual timing of the whaleâs buy-and-sell strategy, which has become a talking point among traders. While the whaleâs loss is notable, the overall performance of $PEOPLE indicates that the token continues to see upward momentum, despite individual investor errors.
The event serves as a reminder of the risks associated with timing the market and the importance of strategic entry and exit points, even for large-scale investors.
