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According to on-chain data, a crypto whale has made significant losses on two altcoins in recent hours and made a new move.
On-chain data analyzed by crypto analysts revealed interesting activity in the movements of a whale.
The crypto whale, detected by Lookonchain, appears to have recently purchased a large amount of memecoins. Data shows that the whale, operating on the Solana network, bought $1.85 million worth of dogwifhat (WIF) and $281,000 worth of POPCAT.
The whale, who had previously traded, had bought $2.18 million worth of WIF at $2.98 and $361,000 worth of POPCAT at $0.5 three days earlier.
As of this writing, WIF is trading at $2.54, while POPCAT is hovering around $0.37.
So, the data shows that the whale in question has actually suffered significant losses.
With the two memecoins experiencing significant declines, the whale lost $336,000 on WIF tokens and $80,000 on POPCAT.
WIF is traded on the world’s largest cryptocurrency exchange Binance, while POPCAT is a relatively smaller-cap altcoin and is only traded on some smaller cryptocurrency exchanges.