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A trader on the Solana network recently missed out on the opportunity to turn an $8,000 investment into around $1 million after selling a newly launched meme coin, Book of Meme (BOME), a day before its price rose.
On March 14, blockchain analytics firm Lookonchain flagged an impressive trade where a Solana holder with the wallet address “shatter. sol” invested 50 SOL (approximately $8,000) into BOME during its initial launch. The trader acquired around 170 million tokens and later sold them for $131,000 after the price increased.
While many would consider this trade outstanding, the token’s price continued to surge. According to CoinMarkeCap, BOME went from as high as $0.005061 on March 15, boosting its market capitalization to over $320 million. If the trader had held onto their 170 million tokens for another day, they would have been worth an astonishing $993,000.
Reactions to the trade were mixed, with some suggesting the trader “fumbled” generational wealth, while others maintained that “profit is profit.” Meanwhile, influencer Moataz Elsayed claims to have witnessed a wallet address turn 420.69 SOL (worth $80,000) into $5.7 million in just 48 hours.
The Book of Meme project was launched by a pseudonymous art producer, Darkfarms, who expressed surprise at the level of participation in the memecoin’s presale. The surge in popularity aligns with a recent wave of interest in the Solana ecosystem, which saw the token’s price increase by 80% in November 2023, followed by a memecoin frenzy featuring tokens like Bonk, Dogwifhat, and Silly Dragon.
As the memecoin craze continues, traders are reminded of the volatile nature of these assets and the potential for missed opportunities amidst rapidly shifting market dynamics.
Also read: Solana Outperforms Major Cryptos With 34% Price Surge
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