Altcoin Surges 244%, Then Crashes: Whale’s Holdings Lose Two-Thirds of Their Value in a Day!
After rising 244% in a short time and then falling 73%, the value of a whale’s $301,000 holdings in the 龙虾 token fell to approximately $101,000 in less than 20 hours.
According to data shared by Lookonchain, the price of the 龙虾 token quickly reversed after its sharp rise. Its market capitalization fell from a peak of approximately $110 million to $29.4 million, wiping out most of its short-term gains.
The shared screenshot also shows a roughly 61% drop over the past 24 hours. That figure reflects the daily performance, while the 73% pullback refers to the broader decline after the surge.
$301,000 in tokens falls to approximately $101,000
The impact of the sharp move was also visible in transfers made by a whale identified as 58bro.eth. The whale withdrew 3.55 million tokens from Gate when the token was trading at approximately $0.085. The holdings were worth about $301,000 at the time.
The same amount of tokens was later sent back to Gate when the price had fallen to approximately $0.028. The transfer screen shows the value of the assets deposited to the exchange as $100.99K.
Lookonchain calculated the difference over less than 20 hours as a loss of approximately $200,000. The dollar value of the whale’s tokens thus fell to about one-third of its previous value. The records show the tokens being deposited back to the exchange; there is no information on whether they were sold there.
