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In the world of cryptocurrency, whale investors often grab attention for massive profits—but even they can make costly mistakes. According to data from Lookonchain, a crypto whale lost over $1 million in potential profit by selling off the new memecoin Pnut too early.
The whale reportedly sold 19.1 million Pnut tokens, incurring a loss of $1,099. Since then, the value of those tokens has skyrocketed to approximately $1.6 million, a staggering sum that highlights the volatility and risk in the memecoin market.
A Costly Mistake in the Memecoin Market
This investor initially purchased the Pnut tokens with an early stake of 11 SOL (around $1,882) and later sold them for 4.57 SOL ($783), resulting in a total loss of $1,099. The panic sale, likely triggered by the inherent risks of memecoins, has drawn considerable attention.
With a total supply of 999 million tokens, Pnut is currently valued at around $63 million in market cap. At one point, this whale held approximately 1.6% of Pnut’s entire token supply, underscoring the high-stakes environment of early crypto investments.
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