But placing such big a trade order on a relatively low-liquidity pool seems to have spelled financial disaster: The buyer ended up purchasing WIF at as high as $3 as prices spiked immediately, in line with how decentralized exchanges work, before prices plunged back down to 15 cents, close to the level before the buys, leaving the trader with a slippage loss of over $5.7 million.
Source: https://www.coindesk.com/markets/2024/01/11/trader-buys-9m-of-solana-meme-coin-dogwifhat-but-loses-over-60-to-slippage/?utm_medium=referral&utm_source=rss&utm_campaign=headlines