Millionaire Crypto Whale Incurs $63.4K Loss on $SOL After Buying Shitcoin Mistakenly

A crypto whale has recently experienced massive losses. As per Lookonchain, the crypto whale, formerly having pocketed $10M in gains in $swarms, has lost $63,400 in $SOL, indicating the highly risky nature of the crypto trading. The on-chain analytics provider provided the details of this incident on social media.

Crypto Whale Experiences Immense Loss of 298 $SOL

Lookonchain pointed out that the whale saw a significant loss of up to 298 $SOL tokens. This took place because of the whale’s accidental buyout of the wrong crypto token. This highlights the substantial risks as well as opportunities in the rapidly evolving crypto sector. The respective whale has previously gained a significant popularity for enormous profits.

In line with the market data, the whale has been going through a streak since the 20^th of December last year. The noteworthy token buyouts of the whale take into account $swarms, $ZAILGO, and $MCS. The whale reportedly bought 58.95M $swarms tokens at an average cost of nearly $0.038 per token. In this respect, they invested $12.48M. This trade eventually provided a notable profit of almost $10.25M.

In addition to this, the whale also purchased 29.52M $ZAILGO tokens. They acquired these tokens for $2.67M at an average cost of $0.024 per token. As a result of this, the whale collected $1.96M in terms of profit. Apart from that, they also obtained 80.84M $mcs tokens for approximately $970K at an average cost of $0.0052. This acquisition generated $549,000 in cumulative gains.

Incident Underscores Risky Nature of Trading in Crypto Market

Nonetheless, according to Lookonchain, irrespective of the above-mentioned profits, the whale recently incurred the immense loss of $63.4K. It reportedly utilized 325 $SOL to buy $autospores but subsequently realized that it was a wrong bet. Thus, they rapidly sold the tokens to buy $spores, resulting in a loss of 298 $SOL. This reveals that importance of accurate decisions in crypto trading as a single mistake can lead to great losses.