New Wallet Loses $391,000 After Purchasing CATDOG Tokens

According to BlockBeats, on August 26, Lookonchain monitoring revealed that a newly created wallet withdrew 3,175 SOL (worth $508,000) from a centralized exchange (CEX). The wallet then used the funds to purchase 932,000 CATDOG tokens in a single transaction. However, the wallet has since incurred a loss of $391,000, equating to a 77% decrease in value.