Bizarre story: Activist trader bet $9 million on Solana’s popular Dogwifhat coin and suffered a loss of more than 60%

On Thursday, one daring and even reckless trader decided to invest nearly $9 million in#dogwifhat(WIF), one of the most popular meme coins on the#Solanaplatform. This particular coin caused a stir and led to huge profits for early investors in December. Details of the purchase and subsequent losses The businessman purchased the property in three parts: US$6.25 million, US$1.78 million, and US$893,000.

Consequences of large trading orders

Injecting such large amounts of money into funds with limited liquidity caused major problems. As a result of this purchase, the price of#WIFbriefly surged to $3 per token, but then fell back sharply to 15 cents. This phenomenon caused the trader to lose over $5.7 million due to huge price slippage (the difference between the expected and actual trade execution price).

Speculation and market reaction

Some market analysts have speculated that the deal may be a marketing stunt designed to generate interest in WIF. In fact, the price of WIF has increased by 50% in the past 24 hours due to increased buyer interest. In December, early buyers were able to turn a $1,000 investment into millions during the dog-hat craze on the Solana blockchain, sparking considerable interest in the crypto community.

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