In a striking series of moves, a prominent whale, who recently accumulated 206,111 $SOL (worth around $36 million) in just nine days, made headlines by creating a new token called $RIPETH.
This token, possibly intended as a playful jab at Ethereum ($ETH), initially skyrocketed to a market cap of $12 million but swiftly plummeted to just $1.2 million.
Nine days ago, this whale began withdrawing large amounts of $SOL from Binance and started staking it.
Shortly after, they launched $RIPETH without promoting it, and for about a week, the token stayed under the radar. Then, just four hours ago, $RIPETH began attracting investors, likely due to increased awareness on social media.
Sensing the sudden attention, the whale withdrew an additional 200 $SOL from Binance to invest in $RIPETH, sparking even more interest in the token. However, after briefly holding, the whale quickly sold their stake, earning 85 $SOL ($14.5K).
Whale Takes Major Hit From $RIPETH Price Dip
Attempting to trade $RIPETH again, the whale spent another 50 $SOL to buy back the token but ultimately sold it at a loss, taking a hit of 30.2 $SOL (about $5.1K). The whale’s rapid trades ultimately backfired; at the token’s price peak, they made a high-stakes purchase of 18.67 million $RIPETH, spending $168K—only to see its value crash to $25K, resulting in an 85% loss of approximately $143K in just three hours.
The whale no longer holds any $RIPETH, making them the largest recorded victim of the token’s swift rise and fall. This serves as a stark reminder of the extreme volatility and risk associated with speculative tokens, even for experienced crypto players.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.