2024

Solana

April

<div class="finbold">
 <p class="paragraph">The Solana (SOL) network currently faces congestion issues and transaction failures, bringing <a rel="noopener noreferrer nofollow" title="uncertainties" href="https://thebittimes.com/tag/uncertainties.html">uncertainties</a> to its trading ecosystem. Nevertheless, a <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> has still managed to make from $530,000 to over $6 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> in a month.</p>
 <p class="paragraph">This Solana trader bought 12.08 million of boden, a meme coin playing with U.S. President Joe Biden’s image. Notably, the purchase happened two days after its launch for a cost of 3,100 SOL, worth $530,000. <em>Lookonchain</em> reported this case on April 9, in a post on X (formerly Twitter).</p>
 <p class="paragraph">Then, the anonymous <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> started selling the meme coin on April 6, one month after the purchases. In particular, 9.08 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> boden were sold for 23,758 SOL, worth $4.06 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>. As a result, the <a rel="noopener noreferrer nofollow" title="trader" href="https://thebittimes.com/tag/trader.html">trader</a> realized a profit of 20,659 SOL, worth $3.53 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a>.</p>
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 <p class="paragraph">So far, the Solana account ‘54tf7…PohCS‘ still holds 2.9 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> boden, worth $2.34 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> as the token trades at $0.8089. Therefore, making $6.4 <a rel="noopener noreferrer nofollow" title="million" href="https://thebittimes.com/tag/million.html">million</a> of partially realized profits from the $530,00 initial investment.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="451" src="https://cdn.thebittimes.com/images/2024/04/10/1eb5af06a6a3cb95378841b74ef3e848.webp" alt class="wp-image-167708" srcset="https://cdn.thebittimes.com/images/2024/04/10/1eb5af06a6a3cb95378841b74ef3e848.webp 1024w, https://cdn.thebittimes.com/images/2024/04/10/1eb5af06a6a3cb95378841b74ef3e848.webp 300w, https://cdn.thebittimes.com/images/2024/04/10/1eb5af06a6a3cb95378841b74ef3e848.webp 768w, https://cdn.thebittimes.com/images/2024/04/10/1eb5af06a6a3cb95378841b74ef3e848.webp 1536w, https://cdn.thebittimes.com/images/2024/04/10/1eb5af06a6a3cb95378841b74ef3e848.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   boden/SOL hourly chart on Raydium. Source: <em>Lookonchain</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-uncertainties-for-traders-in-the-solana-network">Uncertainties for traders in the Solana network</h2>
 <p class="paragraph">Trading meme coins is a naturally risky endeavor, due to liquidity concerns and the lack of a long-term sustainable demand. Speculators have no guarantee that they will manage to realize the acquired profit, even if they are lucky enough for the token’s price to surge.</p>
 <p class="paragraph">However, Solana’s current network state brings more uncertainties and risks, considering over 50% of transactions fail to confirm. Thus, even if the price goes up and there is enough liquidity for profit realization, traders may never see the selling order going through facing transaction failures.</p>
 <p class="paragraph">The cryptocurrency analyst <em>Duo Nine</em> posted a thread on April 9 explaining the war that is going on in Solana. On that note, traders are using bots to spam each other, which is causing the observed network congestion.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">There is a hidden war on Solana between big players. <br><br>Users have no clue, but the consequence of that are endless failed transactions!<br><br>There is only so much space available and the ones with the bigger guns win. <br><br>Here's what they don't tell you. A thread (1/10). pic.twitter.com/ioDQ81cM9C</p>— Duo Nine YCC (@DU09BTC) April 9, 2024
   </blockquote>
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 </figure>
 <p class="paragraph">A dashboard on <em>Dune Analytics</em> by <em>scarn_eth</em> shows over 57% of transaction failures on the same date. Yet, this metric surpassed the 75% mark a few days ago.</p>
 <figure class="wp-block-image size-large"><img decoding="async" width="1024" height="294" src="https://cdn.thebittimes.com/images/2024/04/10/1cc153b6c19734c94b68eeb2e800af5f.webp" alt class="wp-image-167709" srcset="https://cdn.thebittimes.com/images/2024/04/10/1cc153b6c19734c94b68eeb2e800af5f.webp 1024w, https://cdn.thebittimes.com/images/2024/04/10/1cc153b6c19734c94b68eeb2e800af5f.webp 300w, https://cdn.thebittimes.com/images/2024/04/10/1cc153b6c19734c94b68eeb2e800af5f.webp 768w, https://cdn.thebittimes.com/images/2024/04/10/1cc153b6c19734c94b68eeb2e800af5f.webp 1536w, https://cdn.thebittimes.com/images/2024/04/10/1cc153b6c19734c94b68eeb2e800af5f.webp 2048w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Solana failed non-voted transaction rate. Source: <em>Dune Analytics</em> (<em>@scarn_eth</em>)&nbsp;
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 </figure>
 <p class="paragraph">For that reason, Solana speculators and users should avoid exposure to the ecosystem, despite some traders still profiting amid uncertainties. Finbold recently reported about 10 Solana competitors to consider until these issues are solved.</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/this-solana-trader-made-from-530k-to-6-million-amid-uncertainties-tbt84992.html">https://thebittimes.com/this-solana-trader-made-from-530k-to-6-million-amid-uncertainties-tbt84992.html</a></p>

This Solana trader made from $530k to $6 million amid uncertainties

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