Some have speculated that the trade might be an expensive marketing stunt to increase attention to WIF, which was losing some steam.
I'll give it to them: the token's namesake is pretty cute. But not $9 million cute.
Trader loses $5.7 million to slippage in memecoin trade
A trader looking to buy $9 million of a recently popular Solana memecoin, dogwifhat (WIF), lost $5.7 million of their funds to slippage as they placed a massive order in a pool with relatively low liquidity. $5.7 million of their funds were lost to "slippage" — the discrepancy in price that can occur when a trade is so large or a market is so illiquid that the trade itself impacts the asset price.