This One Lost $147K in ETH on Memecoins

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The cryp­tocur­ren­cy space is full of sto­ries regard­ing cer­tain investors, typ­i­cal­ly larg­er ones, who made for­tunes with their invest­ments in more spec­u­la­tive assets like meme­coins. These exam­ples tend to attract jeal­ousy as well as 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. Then, it was Shi­ba Inu. This year, at least for now, the mas­sive meme­coin explo­sion has come from PEPE.
  • Short­ly after its launch in April, mul­ti­ple sto­ries about overnight mil­lion­aires emerged, includ­ing this one. In it, one savvy investor turned $27 into $1 mil­lion after tak­ing advan­tage of the PEPE mania.
  • How­ev­er, it’s not all ros­es and rain­bows. Lookon­chain shared data about an NFT whale – going by the han­dle @sighduck – who has not been all that suc­cess­ful when invest­ing in memecoins.
  • Accord­ing to the on-chain ana­lyt­ics provider, the said whale lost in total $147,000 worth of ETH so far this month on var­i­ous memecoins.
  • Per­haps even more painful­ly, some of them – such as TURBO and BEN – sky­rock­et­ed by up to 85x after the whale sold their portions.
  • The con­tro­ver­sy around PSYOP has also impact­ed the whale. They sent 5 ETH to ben.eth, which could be a bla­tant scam, accord­ing to ZachXBT, and received 8.9M PSYOP. How­ev­er, the whale “may feel scammed,” and they sold all with­out loss or profit.
  • Yet, PSYOP, despite being an alleged scam, jumped by 5x after @sighduck sold their posi­tion. Per­haps feel­ing some form of FOMO, the whale “spent 60 ETH to buy PSYOP and sold after 10 min­utes with­out loss or prof­it, prob­a­bly wor­ried about being scammed again.”
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