According to the blockchain data analytics firm Lookonchain (@lookonchain), the developer of the Solana-based meme coin WIF (WIF) made a seemingly unfortunate move that cost them a massive potential profit. In a tweet, Lookonchain revealed, “The saddest thing is that the $WIF dev sold 350M $WIF for 511 $SOL($29K) within 2 days after open trading. The 350M $WIF is worth 693M currently!”
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Remaining WIF Tokens and Missed Opportunity
While the developer had already sold a significant portion of their WIF tokens for a relatively small sum, Lookonchain highlighted that they still had some tokens left in another wallet. In a follow-up tweet, the firm stated, “But he still had a wallet left that did not sell$WIF immediately. This wallet also spent 2$SOL($110) to buy 489,674$WIF and sold 12.4M$WIF for 896K$USDC. There are currently 589,199$WIF($1.17M) left.”
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Show more +Massive Missed Profit
Based on the information provided by Lookonchain, the WIF developer had initially sold 350 million WIF tokens for around $29,000 worth of SOL tokens. However, those 350 million WIF tokens are now worth a staggering $693 million, meaning the developer missed out on a potential profit of approximately $653,000,000 by selling too early.
While the developer still holds some WIF tokens worth around $1.17 million, the missed opportunity to earn over $653 million serves as a cautionary tale for traders and developers alike, highlighting the importance of timing and market analysis in the volatile world of cryptocurrencies and meme coins.
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