2024

Solana

dogwifhat

Coin

<a href="https://bitcoinworld.co.in/trader-lost-over-60-to-slippage-on-solana-meme-coin-dogwifhat/" title="Trader Lost Over 60% To Slippage On Solana Meme Coin Dogwifhat" rel="noopener noreferrer nofollow"></a>
<ul>
 <li>An enthusiastic trader lost over 60% to slippage on Solana meme coins Dogwifhat.</li>
</ul>
An apparent fat-finger trader, seemingly <a href="https://twitter.com/0xGumshoe/status/1745233155529830454" rel="noopener noreferrer nofollow">spent</a> nearly $9 million on Thursday to purchase dogwifhat (WIF), one of Solana’s most-viral meme coins that netted millions of dollars for early investors in December.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Someone actually did this an hour ago:
 – Bought $8.8M worth of <a href="https://twitter.com/search?q=%24WIF&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$WIF</a> in 3 transactions – It is currently worth $3.1M
 Sitting at an Unrealized Loss of $5.7M
 Why? <a href="https://t.co/S8gZvYeHYO" rel="noopener noreferrer nofollow">pic.twitter.com/S8gZvYeHYO</a>
 — Gumshoe (@0xGumshoe) <a href="https://twitter.com/0xGumshoe/status/1745233155529830454?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 10, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
The purchases were done over three transactions worth $6.25 million, $1.78 million and $893,000, blockchain data tied to Solana wallet address “5qYuZ9ZLShLB1MuV83xHRcTgVA9A5pUajnQUUcPbk3bf” show.
But placing such big a trade order on a relatively low-liquidity pool seems to have spelled financial disaster:&nbsp;
The buyer ended up purchasing WIF at as high as $3 as prices spiked immediately, in line with how decentralized exchanges work, before prices plunged back down to 15 cents, close to the level before the buys, leaving the trader with a slippage loss of over $5.7 million.
See Also: <a class="row-title" href="https://bitcoinworld.co.in/nest-wallet-co-founder-bill-lou-lost-125000-worth-of-coins-to-fake-airdrop-scam/" aria-label="“Nest Wallet Co-founder, Bill Lou, Lost $125,000 Worth Of Coins To Fake Airdrop Scam” (Edit)" rel="noopener noreferrer nofollow">Nest Wallet Co-founder, Bill Lou, Lost $125,000 Worth Of Coins To Fake Airdrop Scam</a>
Slippage refers to the difference between the expected price at which a trade is placed and the actual price at which the trade occurs.
Some market watchers have termed the trade a possible “marketing stunt,” one that could have drawn attention to WIF as prices took a hit in recent weeks.
WIF is up 50% in the past 24 hours on the buying pressure, data from DEXScreener shows. Traders exchanged $35 million on decentralized exchanges alone, and the token has a market capitalization of over $200 million.
The meme coin turned out to be one of the biggest hits in the Solana ecosystem recently, alongside bonk (BONK) and other tokens, as a meme coin frenzy occurred on the blockchain in December.
The significant hype it drew created a lottery of sorts for early buyers, as some turned $1,000 worth of SOL into millions of dollars as prices quickly and suddenly climbed.
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>
The post <a href="https://bitcoinworld.co.in/trader-lost-over-60-to-slippage-on-solana-meme-coin-dogwifhat/" rel="noopener noreferrer nofollow">Trader Lost Over 60% To Slippage On Solana Meme Coin Dogwifhat</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Trader Lost Over 60% To Slippage On Solana Meme Coin Dogwifhat

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