Trader’s $1M Fumble: Selling Solana Memecoin Too Early

A trader on the Solana network missed a huge opportunity to make a profit of around $1 million after selling their newly bought frog-themed memecoin before its price skyrocketed. On March 14, a trader known as “shatter.sol” invested 50 SOL into a new Solana memecoin called Book of Meme (BOME) and bought around 170 million tokens. The trader then sold the tokens for $131,000 after the price increased, which was already a significant gain. The price of BOME continued to rise even higher. CoinGecko data showed that the token’s price went from $0.00005848 to as high as $0.005833 in just one day, reaching a market capitalization of over $320 million. If the trader had waited a day before selling, their tokens would have been worth around $993,000.

Opinions on the trader’s decision were divided. Some believed that they had missed out on an opportunity to gain vast wealth, while others believed that any profit is still considered a success. Despite the trader’s missed chance, there were others who experienced a stroke of luck with memecoin investments. Influencer Moataz Elsayed, also known as “Eljaboom,” claimed to have witnessed a wallet address turn $80,000 worth of SOL into $5.7 million within 48 hours.

The creator of the Book of Meme project, Darkfarms, was surprised by the high level of participation in the memecoin’s presale. They did not expect such significant numbers for an experimental project with an unconventional allocation. Darkfarms stated that their next move would be to observe and strategize for creating liquidity pools. The Solana ecosystem saw a surge in interest in November 2023, causing the token’s price to rise by 80%. This was followed by a frenzy of Solana memecoins, including Bonk, Dogwifhat, and Silly Dragon, which saw substantial gains.