Trader Loses $5.7 Million on Meme Token WIF
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.
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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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