In a shocking turn of events, prominent NFT whale @sighduck has suffered significant losses during the highly volatile memecoin season.
According to Lookonchain, a renowned blockchain analytics platform, @sighduck’s ill-timed trades resulted in the loss of approximately 78 ETH (equivalent to $147,000) in May alone, with none of the memecoin he acquired proving to be profitable.
1/ In #MEME season, NFT whale @sighduck may need a bottle of regret medicine.
He lost ~78 $ETH ($147K) in May, and almost none of the #MEME coins were profitable.$TURBO rose 10x after he sold, and $BEN rose 85x after he sold.
🧵Story
— Lookonchain (@lookonchain) May 26, 2023
The first unfortunate incident involved @sighduck’s purchase of TURBO, which led to a loss of 24 ETH (approximately $46,313). Acquired at $0.0004915 on May 4, @sighduck sold all his TURBO holdings at $0.0002525 due to a rapid price drop just a day later. Regrettably for him, the value of TURBO skyrocketed tenfold soon after his sale.
Similarly, @sighduck’s decision to invest in BEN proved to be ill-fated. After purchasing BEN and selling it a day later, he incurred a loss of 3.94 ETH (approximately $7,272). Astonishingly, BEN experienced a staggering 85-fold increase in value within just three days, leaving @sighduck pondering the missed opportunity. In another unfortunate instance, @sighduck sent 5 ETH to ben.eth and received 8.9 million PSYOP tokens. However, he promptly sold all his PSYOP holdings without any loss or profit, only to witness a subsequent fivefold rise in its value.
The repeated pattern of misfortune continued as @sighduck purchased BILLY early on, witnessing a tenfold increase in its value. Unfortunately, instead of selling, he chose to acquire more BILLY tokens. Eventually, the value of BILLY plummeted, and @sighduck had no choice but to sell all his holdings, resulting in a loss of 2.94 ETH (approximately $7,661).
In addition to these substantial losses, @sighduck also experienced setbacks with other meme coins. He lost 3.45 ETH ($6,371) on MIDWIT, 10 ETH ($18,109) on AOL, 3.45 ETH ($6,371) on FEELS, and 0.27 ETH ($515) on KIBSHI.
These unfortunate trades have left @sighduck reeling from substantial financial setbacks. His experience serves as a stark reminder of the inherent risks associated with investing in highly volatile and speculative markets, particularly within the ever-evolving world of non-fungible tokens.
While @sighduck’s losses may raise questions about the viability of investing in meme coins, it is important to note that the cryptocurrency market is renowned for its unpredictability. Even seasoned investors can fall victim to sudden price fluctuations and missed opportunities.
As the memecoin season continues to unfold, it remains crucial for investors to exercise caution and conduct thorough research before engaging in high-risk trades. Proper risk management strategies and a comprehensive understanding of the underlying assets are vital in navigating the volatile cryptocurrency landscape.
Read more:
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