In a surprising turn, Solana-based memecoin $PNUT recently overtook stablecoin $USDT in 24-hour on-chain trading volume, highlighting its growing popularity in the Solana ecosystem.

However, one high-profile whale’s heavy investments in $PNUT and other Solana-based tokens, $FRED and $OPK, have led to significant losses.

Over the past three days, this whale invested 13,642 SOL (valued at approximately $2.22 million) across these tokens. Despite the ambitious bets, the whale’s portfolio now reflects a substantial loss, currently down around $1.44 million.

Here’s a breakdown of the whale’s investments:

– $PNUT: The whale spent 7,142 SOL ($1.16 million) to acquire 14.46 million $PNUT tokens. However, due to recent price drops, this position has suffered a 48% decline, resulting in a $553.4K loss.

– $FRED: Another 4,500 SOL ($736,000) went toward purchasing 69.88 million $FRED tokens. Unfortunately, this investment has seen an 85% loss, amounting to a $621.9K reduction in value.

– $OPK: Lastly, 2,000 SOL ($326,000) was spent on 98.76 million $OPK tokens, which have also dropped in value by 82%, translating to a $267.8K loss.

The whale’s activity underscores the volatile nature of memecoins and smaller-cap tokens on Solana. While the surge in $PNUT’s trading volume demonstrates strong community interest and market demand, these assets remain highly speculative and prone to rapid price swings.

For now, the whale’s losses serve as a cautionary tale about the potential risks associated with diving into trending tokens, particularly in the nascent Solana-based memecoin market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: somchai20162516/123RF // Image Effects by Colorcinch