Trader fumbles $1M bag after selling a Solana memecoin early

The NFT Unicorn bd22591e-f58b-483e-97d5-041db7624e14 Trader fumbles $1M bag after selling a Solana memecoin early Crypto News

A trader who bought a newly launched frog-themed memecoin on the Solana (SOL) network missed the chance of turning $8,000 into around $1 million after selling the tokens a day before prices skyrocketed.

On March 14, blockchain analytics firm Lookonchain flagged an impressive trade that saw a Solana holder with the wallet address “shatter.sol” invest 50 SOL into a new Solana memecoin dubbed Book of Meme (BOME).

The trader bought around 170 million tokens and sold them for $131,000 after the price increased.

Wallet address shatter.sol cashing out earnings from the trade. Source: Solscan

While many would already consider the trade outstanding, the token’s price catapulted even further. Data from coin information tracker CoinGecko shows that BOME went from an initial price of $0.00005848 on March 14 to as high as $0.005833 on March 15.

This boosted the token to a market capitalization of over $320 million, meaning the 170 million tokens would have been worth about $993,000 if the trader waited a day before selling.

The NFT Unicorn bd318388-2437-4bf5-b145-2a6c622429d2 Trader fumbles $1M bag after selling a Solana memecoin early Crypto News
Crypto community members discussing the trade. Source: Lookonchain on X

Onlookers’ opinions were split when it came to the Solana memecoin trade. One X (formerly Twitter) user thought that the trader “fumbled” generational wealth, while another said that “profit is profit.”

Related: Trader hits $2M jackpot after putting $62 into a Solana memecoin

While the trader may have missed out on massive gains, others seem to have better luck. Influencer Moataz Elsayed, also known as “Eljaboom” in the crypto space, claims to have seen a wallet address turn 420.69 SOL (worth $80,000) to $5.7 million in only 48 hours.

The amount matches a presale investment from an anonymous trader, Sunday Funday, who claims to be the number one tokenholder.

The NFT Unicorn 35dadf02-1814-4fc8-b655-0ffbf1155a7b Trader fumbles $1M bag after selling a Solana memecoin early Crypto News
Sunday Funday announces their investment into the memecoin presale. Source: Sunday Funday on X

The Book of Meme project was launched by a pseudonymous art producer Darkfarms, who was also surprised by the amount of people participating in the memecoin’s presale.

The art producer said they did not expect big numbers for such an experimental project with a “weird allocation” during its presale.

On March 13, the memecoin founder said their next move would be to observe and think of a strategy for creating pools with good liquidity.

In November 2023, a new wave of interest hit the Solana ecosystem, increasing the token’s price by 80%. This was followed by a Solana memecoin frenzy, with tokens like Bonk, Dogwifhat and Silly Dragon showing massive gains.

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Source: Cointelegraph