The recent rise in popularity of Chinese-named altcoins is bringing a new wave to the market. However, this trend has resulted in significant losses for some major investors.
According to on-chain data, whale “0x2fcf” recently withdrew 5,090BNB (approximately $6.65 million) from Binance to invest in Chinese meme coins. In the past 24 hours, the investor reportedly spent 3,475 BNB (approximately $4.54 million) on Kun’an Life, Customer Service, PUP, and Hajimai tokens, resulting in a total loss of approximately $1.2 million.
Here is a detailed table of whale operations:
- USD: Bought 8.97 million tokens for 2,555 BNB ($3.33 million) – $439,000 loss
- USD Customer Service Xiao He: Bought 16.31 million tokens for 760 BNB ($993,000) – $700,000 loss
- Dollar PUP: 5.19 million tokens purchased for 105 BNB ($137,000) – $47,000 loss
- Dollar basis*: 4.84 million tokens purchased for 55 BNB ($67,000) – $5,000 loss
Meanwhile, Ethereum founder Vitalik Buterin has unlocked an additional 6.29 million STRK (approximately $1.01 million) in tokens after a one-year delay. Buterin, who acquired 2.1 million STRK last year, deposited these tokens on Binance for $0.38 on November 6, 2024.
*This is not investment advice.
