A whale account experienced the worst trading case of the year in the AI token sector.

This transaction took place on the Base chain. The whale spent $23 million to enter the AI agent token market, but when fully sold off, only $2.58 million was recovered. In other words, a direct loss of $20.4 million, with a decline of 88.8%.

From a trading logic perspective, this is not a passive cut-loss situation. On-chain data shows that this was an active liquidation. The entire process was like jumping in at the high point and then dumping at the floor price—classic chasing highs and killing lows.

The AI token sector has been popular since last year and into this year. Project teams hype up the concept wildly, but real practical applications are few and far between. Many retail investors were drawn in by this hot trend, with big players coming in to harvest and then leaving. This case precisely illustrates the problem—under the hype of concepts, how great are the risks?