The crypto space is filled with stories involving certain investors, typically larger investors, who have made their fortunes investing in more speculative assets like memecoins. . These examples tend to attract envy as well as resentment from less fortunate market participants.
However, today, we will look at the other side of this memecoin.
A few years ago, it was Dogecoin. Then it was Shiba Inu. This year, at least for now, the massive memecoin explosion comes from PEPE.
Shortly after its launch in April, many stories of overnight millionaires emerged, including this one. In it, a savvy investor turned $27 into $1 million after capitalizing on the PEPE fever.
However, not all is pink. Lookonchain shared data on an NFT whale – named @sighduck – who was not very successful investing in memecoins.
According to the on-chain analytics provider, the aforementioned whale has lost a total of $147,000 worth of ETH so far this month across various memecoins.
Perhaps even more painfully, some of them – such as TURBO and BEN – spiked up to 85 times after the whales sold them.
Controversy surrounding PSYOP has also affected whales. According to ZachXBT, they sent 5 ETH to ben.eth which could be a blatant scam and received 8.9 million PSYOP. However, the whales “could feel cheated” and they sold it all with no loss or profit.
However, PSYOP, despite being accused of being a scam, increased 5x after @sighduck sold their positions. Perhaps sensing some form of FOMO, the whale “spent 60 ETH to buy PSYOP and sold it after 10 minutes without loss or profit, probably worried about being cheated again”.