Free Airdrop Season 7 is LIVE! Answer fun questions or do simple tasks to earn rewards from the $30K BitDegree prize pool. Participate Now ! 🔥
Key Takeaways
Free Airdrop Season 7 is LIVE! Answer fun questions or do simple tasks to earn rewards from the $30K BitDegree prize pool. Participate Now ! 🔥
Nansen, a blockchain research firm, analyzed trading data and found that most investors in the LIBRA meme coin took a loss.
Of the 15,430 wallets that sold at a profit or loss exceeding $1,000, around 86% took a loss, amounting to a total of $251 million.
Meanwhile, the remaining 2,101 wallets that secured profits collectively gained about $180 million. Nansen’s February 19 report pointed out that while a small number of traders walked away with big earnings, the majority faced losses.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is an NFT? (Explained with Animations)
The report noted, “Insiders’ took profits, retail got burned, and key backers distanced themselves”.
Breaking down the losses, 1,478 wallets recorded losses between $1,000 and $10,000, totaling $4.8 million. Around 2,800 wallets saw losses ranging from $10,000 to $100,000, adding up to $82.4 million.
Another 392 wallets lost between $100,000 and $1 million, bringing combined losses to approximately $96.5 million. The highest losses were seen in 23 wallets, each losing more than $1 million, with total losses reaching $40.9 million.
Nansen also highlighted that the 15 worst-hit wallets collectively lost $33.7 million. One of these still holds 57% of its original balance despite losses.
A particular case was Barstool Sports founder Dave Portnoy, whose wallet suffered the steepest realized loss of $6.3 million. Though considered an insider, Portnoy later returned 6 million LIBRA tokens that had been given to him for promotional purposes and was refunded $5 million.
The popularity of memecoins appears to be fading following the $4 billion LIBRA controversy. How did the crypto community respond? Read the full story.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.