Amidst the recent rally in the broader crypto ecosystem, some of the biggest losses recorded by traders have been spotted on-chain.
The digital currency ecosystem might be filled with many stories of booming portfolios on X and other social media platforms, but it does not negate the fact that some traders also experience massive losses on their trade. Losses are inevitable because investor psychology differs and goals may differ from one trader to another.
Crypto analytics insights provider Arkham Intelligence has shared three major losses on record from whale traders.
Mega Loss on MOG
MOG Coin is one of the early memecoin that entered the space in mid-2023. A trader with the wallet identifier ‘0x51e’ became unlucky as he bought the coin when its price soared to a local top of $0.0000001003 in August last year, investing a total of $761,000. Inpatient as he was, he sold his bag sometime in September, coughing out just $164,400 of the total investment.
MOG is a memecoin that ran up in late Summer 2023.
Trader 0x51e managed to perfectly time not only buying the absolute top for $761K worth of $MOG, but also selling his entire stack of tokens at the bottom of the chart for only $164.4K.
He’d be in profit if he hadn’t sold – MOG… pic.twitter.com/NHNqnqm7BZ
— Arkham (@ArkhamIntel) February 14, 2024
According to Arkham Intelligence, the trader recorded an 80% loss worth $597,000 and had he held onto his coin, he might have been a beneficiary of the current rally seeing MOG just hit an All-Time High (ATH) of $0.0000002043 earlier today.
The Million PEPE Loss
Another trader ‘0xd08’ invested the sum of $1.44 million USDT to buy $100,000 worth of WOJAK and $1.3 million worth of PEPE as Binance greenlighted the listing of the asset in May 2023.
This trader shunned an unrealized profit of $400,000 the PEPE portfolio recorded at a time but decided to sell his token for $520,000 as the price of the Shiba Inu-challenger slumped. This trader recorded a 64% loss or $920,000 according to Arkham Intelligence.
The MUBI, BSSB, and GRAIL Blunder
Another colossal loss recorded was in the Bitcoin DeFi protocols MUBI and BSSB. A trader used $500,000 worth of Ethereum and his RLB portfolio to buy $500,000 MUBI and $200,000 worth of BSSB. Both tokens have since nosedived with the portfolio of the trader ‘0x1e8’ now worth just $186,000, leaving out a loss of $530,000.
A Camelot (GRAIL), Avalanche-based DEX supporter ‘0x3E6’ made what might be tagged the right decision but is currently getting burnt by it. After buying $3.09 million worth of GRAIL in March 2023, the trader locked the tokens up through staking.
Rather than appreciate as he might have expected by the moment, the portfolio is now worth just $2.23 million minus the staking rewards. By estimate, this trader has lost $860,000 of his capital.
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