In a surprising turn, Solana-based memecoin $PNUT recently overtook stablecoin $USDT in 24-hour on-chain trading volume, highlighting its growing popularity in the Solana ecosystem.
However, one high-profile whale’s heavy investments in $PNUT and other Solana-based tokens, $FRED and $OPK, have led to significant losses.
Over the past three days, this whale invested 13,642 SOL (valued at approximately $2.22 million) across these tokens. Despite the ambitious bets, the whale’s portfolio now reflects a substantial loss, currently down around $1.44 million.
🚨 NEW: Solana-based memecoin $PNUT (@pnutsolana) flips stablecoin $USDT in 24-hour onchain trading volume. pic.twitter.com/0xUrKNXT2D
— SolanaFloor (@SolanaFloor) November 4, 2024
Here’s a breakdown of the whale’s investments:
– $PNUT: The whale spent 7,142 SOL ($1.16 million) to acquire 14.46 million $PNUT tokens. However, due to recent price drops, this position has suffered a 48% decline, resulting in a $553.4K loss.
– $FRED: Another 4,500 SOL ($736,000) went toward purchasing 69.88 million $FRED tokens. Unfortunately, this investment has seen an 85% loss, amounting to a $621.9K reduction in value.
– $OPK: Lastly, 2,000 SOL ($326,000) was spent on 98.76 million $OPK tokens, which have also dropped in value by 82%, translating to a $267.8K loss.
A whale spent 13,642 $SOL($2.22M) to buy $Pnut, $FRED, and $OPK over the past 3 days and is currently down ~$1.44M.
Spent 7,142 $SOL($1.16M) to buy 14.46M $Pnut, now showing a loss of $553.4K (-48%).
Spent 4,500 $SOL($736K) to buy 69.88M $FRED, now showing a loss of $621.9K… pic.twitter.com/gRAN04iFMY
— Lookonchain (@lookonchain) November 5, 2024
The whale’s activity underscores the volatile nature of memecoins and smaller-cap tokens on Solana. While the surge in $PNUT’s trading volume demonstrates strong community interest and market demand, these assets remain highly speculative and prone to rapid price swings.
For now, the whale’s losses serve as a cautionary tale about the potential risks associated with diving into trending tokens, particularly in the nascent Solana-based memecoin market.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: somchai20162516/123RF // Image Effects by Colorcinch
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