Cryptocurrency tracking service Lookonchain disclosed that the holder of 112.5k WIF, who sustained a $4.44m trading loss, has returned to the market. On Monday, the platform posted on X that the whale sent 12,716 SOL worth $1.94 million from Binance to purchase 1.38 million POPCAT tokens at $1.41. This has created some concern, given the trading history of the whale with WIF.
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!
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
— Lookonchain (@lookonchain) October 14, 2024
WIF’s connection with the whale could be seen from the start of this year. Between April 8 and June 24, the investor made two trades and realized a loss of $4.44 million. However, this started to change on June 24 and 25 when the whale acquired 2.06 million WIF tokens. The whale has been holding the asset for the past few months, thereby reducing the initial losses to $2.5 million.
Loss Recovery Through POPCAT
In a recent reversal, the whale now owns 2.05 million POPCAT tokens worth $2.82 million. This investment has generated an unrealized profit of $518,000, with an average purchase price per share of $1.13. The whale’s entry into POPCAT is viewed as a move of recovery, where the whale seeks to counter the previous loss through the current market situation.
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This activity demonstrates how versatile and sustainable whale trading strategies are in the market. WIF was initially a complete failure for the whale, however choosing to change to POPCAT was a good decision. A look at the WIF holdings and a successful POPCAT position demonstrates that the market condition can afford investors the opportunity to reverse their steps.
Whale Strategic Move
The acquisition of POPCAT by a whale for $1.94 million and the withdrawal of SOL from Binance demonstrate continued activity and support for established strategies. The unrealized gains from POPCAT and the partial recovery of WIF losses suggest a shift in strategy towards long-term profitability.
Although the market watches these occurrences closely, the whale business reveals the instability of the crypto market. The role played by WIF and POPCAT offers a very keen interest on the next course of action to be taken by the investor.
