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Home » Trader loses grip on $1 million bag while selling Solana memecoin prematurely
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Trader loses grip on $1 million bag while selling Solana memecoin prematurely

2024-03-15No Comments2 Mins Read
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Trader loses grip on $1 million bag while selling Solana memecoin prematurely
Trader loses grip on $1 million bag while selling Solana memecoin prematurely
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A trader who purchased a frog-themed memecoin called Book of Meme (BOME) on the Solana (SOL) network missed out on a potential profit of around $1 million. The trader, with the wallet address “shatter.sol,” invested 50 SOL into BOME and bought approximately 170 million tokens. However, the trader sold the tokens for $131,000 just before the price skyrocketed.

Although the trade was already impressive, the price of BOME continued to rise. CoinGecko data shows that BOME’s price increased from $0.00005848 on March 14 to a high of $0.005833 on March 15. This surge in price resulted in a market capitalization of over $320 million, meaning the trader’s 170 million tokens would have been worth approximately $993,000 if they had waited a day before selling.

Opinions among onlookers were divided regarding the trade. Some believed the trader missed out on a significant opportunity for wealth, while others saw any profit as a success.

While this trader missed out on massive gains, others have had better luck. Influencer Moataz Elsayed, also known as “Eljaboom,” claims to have witnessed a wallet address turn 420.69 SOL (worth $80,000) into $5.7 million in just 48 hours. This investment matches the presale investment of an anonymous trader named Sunday Funday, who claims to be the largest tokenholder.

The Book of Meme project was created by a pseudonymous art producer named Darkfarms. Darkfarms expressed surprise at the number of people participating in the memecoin’s presale, as they did not expect such high interest in an experimental project with an unconventional allocation. They stated that their next move would be to observe and strategize for creating pools with good liquidity.

In November 2023, the Solana ecosystem experienced a surge of interest, leading to an 80% increase in the token’s price. This was followed by a frenzy of Solana memecoins, including Bonk, Dogwifhat, and Silly Dragon, which saw significant gains.

Magazine: Real-life Doge at 18: Meme that’s going to the moon.

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