The recent surge in popularity of Chinese-named altcoins has sparked a new trend in the market. However, this influx has led to substantial losses for some prominent investors. 0x2fcf, a major whale on Binance, recently withdrew a significant sum – 5,090 BNB (approximately $6.65 million) — to invest in Chinese memecoins. Over the past 24 hours alone, they reportedly invested 3,475 BNB ($4.54 million) in coins like币安人生, 客服小何, PUP, and 哈基米, resulting in a loss of approximately $1.2 million. A detailed analysis reveals their investment activities: USD: 2,555 BNB ($3.33 million) to buy 8.97 million tokens – $439,000 loss; USD 客服小何: Purchase of 16.31 million tokens with 760 BNB ($993,000) resulting in a $700,000 loss; dollarPUP: 5.19 million token purchase with 105 BNB ($137,000) – $47,000 loss; dollar哈基米: 4.84 million tokens purchased with 55 BNB ($67,000) – $5,000 loss. Meanwhile, Ethereum founder Vitalik Buterin unlocked another 6.29 million STRK (approximately $1.01 million) in tokens after a year’s delay. Buterin, who acquired 2.1 million STRK last year, deposited these tokens on Binance at $0.38 on November 6, 2024. *This is not investment advice.* Continue reading…