A trader who invested in a frog-themed memecoin on the Solana (SOL) network missed out on a potential fortune after selling the tokens just before their value skyrocketed. On March 14, blockchain analytics firm Lookonchain reported that a Solana holder known as “shatter.sol” had invested 50 SOL into a new Solana memecoin called Book of Meme (BOME). The trader purchased approximately 170 million tokens and sold them for $131,000 when the price rose. However, the price of BOME continued to climb, reaching a high of $0.005833 on March 15. If the trader had waited just one more day to sell, their tokens would have been worth around $993,000. Despite missing out on potential gains, others have had better luck. Influencer Moataz Elsayed, also known as “Eljaboom,” claims to have turned 420.69 SOL (worth $80,000) into $5.7 million in just 48 hours. The Book of Meme project was created by a pseudonymous artist known as Darkfarms, who was surprised by the level of participation in the memecoin’s presale. They did not expect such high numbers for an experimental project with an unconventional distribution. In November 2023, the Solana ecosystem experienced a surge in 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 all saw significant gains.
Trader loses $1 million after prematurely selling a Solana memecoin, leading to a costly mistake.