This One Lost $147K in ETH on Memecoins

The cryptocurrency space is full of stories about certain investors, usually the biggest ones, who made fortunes from their investments in more speculative assets like memecoins. These examples tend to attract jealousy and some resentment from less fortunate market participants.

Today, however, we will take a look at the other side of this coin.

  • A few years ago, it was Dogecoin. So, it was Shiba Inu. This year, at least for now, the massive explosion of memecoins has come from the hand of PEPE.
  • Shortly after its release in April, multiple millionaire stories surfaced overnight, including this one. In it, a savvy investor turned $27 into $1 million after taking advantage of the PEPE mania.
  • However, not everything is roses and rainbows. Lookonchain shared data about an NFT whale, under the name @sighduck, that hasn’t been as successful investing in memecoins.
  • According to the on-chain analytics provider, said whale has lost a total of $147,000 worth of ETH so far this month across various memecoins.
  • Perhaps even more painful, some of them, like BREAK and BEN, shot up to 85 times after the whale sold his portions.
  • The controversy surrounding PSYOP has also impacted the whale. They sent 5 ETH to ben.eth, which could be a blatant scam, according to ZachXBT, and received 8.9 million PSYOPs. However, the whale “may feel cheated,” and they sold everything at no loss or gain.
  • However, PSYOP, despite being an alleged scam, increased fivefold after @sighduck sold his position. Perhaps sensing some form of FOMO, the whale “spent 60 ETH to buy PSYOP and sold after 10 minutes with no loss and no profit, probably worried about getting scammed again.”
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