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A crypto investor who lost $4.44M trading the token $WIF has turned its fortune around by withdrawing $1.94M worth of $SOL from Binance and reinvesting into 1.38M $POPCAT.
A whale, who once lost $4.44M on $WIF and withdrew 12,716 $SOL($1.94M) from #Binance to buy 1.38M $POPCAT at $1.41 6 hours ago!
— Lookonchain (@lookonchain) October 14, 2024
The whale traded $WIF twice from April 8 to June 24, losing $4.44M!
Fortunately, he bought 2.06M $WIF on June 24&25 and held it until now, reducing… pic.twitter.com/dJnrLvKkkb
$WIF Trades and Initial Loss
The whale’s trading in $WIF began this year between April 8 and June 24. During this period, he actively traded the tokens and sold them at a significant loss of $4.44M. The series of trades involved selling 2.05M $WIF at $3 after purchasing them at $3.38 to get a less-than-anticipated return since the token price varies, then a $6.4M purchase of 2.34M $WIF at $2.74. More trades increased the extent of the loss while the whale tried to stabilize $WIF and bring its value back.
Despite his efforts, the increasing volatility in the price of $WIF worked against him. On June 24 and 25, he repurchased 2.06M of $WIF at an average of $1.83, then sold 50K $WIF at $2.28, reducing the loss to $2.5M
Turning the Tides: $SOL and $POPCAT Investments
But in one final classic twist, the whale wanted to turn what little he had left into profit, so he withdrew 12,716 $SOL or roughly $1.9M from Binance around six hours ago. He then appropriately invested this capital to purchase 1.38M $POPCAT tokens for an average price of $1.41 per token.
The whale currently holds $2.05M of $POPCAT, which he purchased at $1.13 per token and got an unrealized profit of $518K. It cuts down the earlier incurred $WIF losses and puts him in a very good market standing for more profits.
Current Portfolio and Status
As of the latest update, the whale’s portfolio includes 2.05M $WIF, valued at approximately $5.72M. His $POPCAT holdings, currently at $2.82M, contribute significantly to his overall portfolio health. According to Solscan records, the whale has a remaining balance of 0.009939 $SOL, highlighting that most of his assets are now tied in tokens.
Despite the rocky start and early losses with $WIF, the whale’s recent moves demonstrate a calculated shift in strategy. His swift adaptation and the decision to reinvest in $POPCAT with assets withdrawn from Binance signal a potential for future profitability, provided the upward trend of $POPCAT continues.
The whale’s activity, closely monitored by on-chain analytics platforms like Lookonchain, exemplifies the high-risk, high-reward nature of cryptocurrency trading, where strategic pivots can mitigate losses and lead to significant gains in a short period.