🌋 Trader Loses $5.7 Million on Meme Token WIF
posted 11 Jan 2024
Arthur Hayes is putting the final touches on his upcoming essay 'ETF Wif Hat,' even asking for pictures of Gary Gensler in a hat. This intriguing title alludes to a Wif Hat meme featuring a Shiba Inu dog clad in a knitted cap.
Notably, just before Hayes' announcement, a trader got rekt with a popular meme token on Solana, identified by the ticker WIF (dogwifhat).
The trader's purchase of WIF, totaling $8.8 million, led to a significant price surge due to the token's low liquidity, followed by a sharp decline. This resulted in the trader losing around $5.7 million because of price slippage.
This incident has sparked some speculation among X users that the incident might have been a strategic move to boost visibility for the meme token.
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