Solana

Silly Dragon

A trader who bought a newly launched frog-themed memecoin on the Solana (<a href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow">SOL</a>) 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 <a href="https://twitter.com/lookonchain/status/1768261745280503817" target="_blank" rel="noopener noreferrer nofollow">flagged</a> 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/9caa5f1a-15a1-4216-9919-8907fcaac8e0.jpg">
 <figcaption style="text-align: center;">Wallet address shatter.sol cashing out earnings from the trade. Source: <a href="https://solscan.io/tx/5JRznMKWso1RimWB9qW59Bc8eFMPdhcZW1MMG2wkTC7ABTvgEQ28URANymMsZyts2U3jSotKJzBcNzjRhwPmmoHB" target="_blank" rel="noopener noreferrer nofollow">Solscan</a>
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While many would already consider the trade outstanding, the token’s price catapulted even further. Data from coin information tracker CoinGecko shows that BOME <a href="https://www.coingecko.com/en/coins/book-of-meme" target="_blank" rel="noopener noreferrer nofollow">went</a> 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/bd318388-2437-4bf5-b145-2a6c622429d2.jpg" alt="" title="">
 <figcaption style="text-align: center;">Crypto community members discussing the trade. Source: <a href="https://twitter.com/lookonchain/status/1768557101444669457" target="_blank" rel="noopener noreferrer nofollow">Lookonchain on&nbsp;X</a><a href="https://twitter.com/lookonchain/status/1768557101444669457" target="_blank" rel="noopener noreferrer nofollow"></a>
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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: <a href="https://cointelegraph.com/news/trader-gains-2-million-solana-memecoin-frenzy" rel="noopener noreferrer nofollow">Trader hits $2M jackpot after putting $62 into a Solana memecoin</a>
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, <a href="https://twitter.com/Eljaboom/status/1768554706031222975" target="_blank" rel="noopener noreferrer nofollow">claims</a> 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.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-03/35dadf02-1814-4fc8-b655-0ffbf1155a7b.jpg">
 <figcaption style="text-align: center;">Sunday Funday announces their investment into the memecoin presale. Source: <a href="https://twitter.com/SundayFundayLFG/status/1768058894872687011" target="_blank" rel="noopener noreferrer nofollow">Sunday Funday on X</a>
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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 <a href="https://twitter.com/Darkfarms1/status/1767874964286247391" target="_blank" rel="noopener noreferrer nofollow">said</a> 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 <a href="https://cointelegraph.com/news/solana-sol-price-gains-october-firedancer-testnet-goes-live" rel="noopener noreferrer nofollow">hit the Solana ecosystem</a>, increasing the token’s price by 80%. This was followed by a <a href="https://cointelegraph.com/news/trader-gambles-226k-solana-memecoin-1-69m-five-days" rel="noopener noreferrer nofollow">Solana memecoin frenzy</a>, with tokens like Bonk, Dogwifhat and Silly Dragon showing massive gains.
Magazine: <a href="https://cointelegraph.com/magazine/real-life-doge-18-meme-going-to-the-moon/" rel="noopener noreferrer nofollow">Real-life Doge at 18: Meme that’s going to the moon</a>

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

Cointelegraph

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