Solana Trader Misses $1M Opportunity by Selling Memecoin a Day Early
Summary:
A Solana (SOL) trader lost a chance to turn $8,000 to nearly $1 million after selling his tokens of a newly introduced memecoin Book of Meme (BOME) a day before its prices soared. The trader bought around 170 million BOME tokens which he later sold for $131,000. However, if he had waited one more day, the tokens could have fetched him around $993,000 due to a surge in BOME's price. This sparked mixed reactions in the crypto community. Meanwhile, other investors reportedly made massive gains from the new SOL memecoin. The token's launch was part of a wider influx of interest in the Solana ecosystem which has also led to other memecoins experiencing similar strong performance.
An investor in a fresh frog-theme digital currency on the Solana (SOL) platform lost the opportunity to transform $8,000 into approximately $1 million by offloading the tokens just one day prior to a startling price surge. On March 14, Lookonchain, a blockchain analytics company, highlighted a remarkable transaction involving a Solana investor, identified as "shatter.sol", who put 50 SOL into a newly introduced Solana digital currency known as Book of Meme (BOME). The investor acquired nearly 170 million tokens and sold them for $131,000 following a price rise.
While the trade would ordinarily be deemed exceptional, the value of the token escalated even more. CoinGecko data points out that BOME's price increased from an initial $0.00005848 on March 14 to a top value of $0.005833 on March 15. This prompted the digital currency's market cap to exceed $320 million, meaning if the investor had held onto the tokens for another day before selling, they could have netted around $993,000.
The reaction to the Solana digital coin investment was mixed. A user of platform X (previously Twitter) opined that the investor squandered a fortune for generations, whereas others reckoned that any profit is still a benefit.
Even though this investor missed out on significant profits, others have been more fortunate. Influencer Moataz Elsayed, or "Eljaboom" in the crypto world, reported witnessing a wallet address multiplying 420.69 SOL (valued at $80,000) into $5.7 million in a mere 48 hours. This matched the presale investment amount from an unidentified investor, Sunday Funday, who claims to be the top tokenholder.
The Book of Meme initiative was created by an anonymous art creator known as Darkfarms, who was taken aback by the number of people participating in the digital coin's presale. The artist confessed they hadn't expected such a large turnout for such an experimental endeavour with an unusual allocation during its presale on March 13, stating they would monitor the situation and devise a strategy for creating well-liquified pools.
In November 2023, Solana’s ecosystem saw a renewed wave of interest, pushing the token's value up by 80%. This trend was followed by a frenzy for Solana's digital coins, with tokens such as Bonk, Dogwifhat, and Silly Dragon seeing substantial profits.
Published At
3/15/2024 2:47:09 PM
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