Investor’s Misstep With Memecoins Results in $147K Loss on Solana

• Investor loses 754 SOL ($147K) buying and selling 11 meme cash on Solana.
• The “purchase excessive, promote low” sample led to losses on 11 traded tokens. 
• The dealer’s funding of three,160 SOL returned 2,406 SOL.

A latest evaluation by Lookonchain has spotlighted a person dropping cash buying and selling meme cash on the Solana blockchain. Over three days, the investor engaged in buying and selling 11 totally different meme cash, with every transaction leading to a loss.

In accordance with the evaluation, this sequence of investments led to an combination shortfall of 754 SOL, which was equal to roughly $147,000 on the time of the report.

The investor’s expertise with meme cryptocurrencies on the Solana platform began with an acquisition of SNAP ($SNAP), totaling 500 SOL. Nevertheless, the commerce didn’t yield the specified outcomes, and SNAP led to a 277.32 SOL loss. 

This sample of loss was repeated throughout a spectrum of equally themed cash. “I LIKE THIS COIN” (LIKE) noticed an funding of 1,150 SOL however returned a lack of 135.41 SOL. Smaller losses had been noticed in trades of “SORRY” (SORRY), “buk of mem” (bume), and “BOOK OF PEPE” (BOPE).

Furthermore, “The Ebook of Lacking Out” (BOMO) and “Bibi on SOL” ($BIBI) additionally failed to flee the bearish development, recording losses of 29.93 and 148.74 SOL, respectively. Different property within the investor’s portfolio included “IQ50” (IQ50), “U SELL U GAY” (USUG), and “DogWifHat Twin” (SAM), every contributing to the general deficit. Uncooked Rooster Experiment (JOHN) rounded out the listing with a nominal 10 SOL funding and a 3.7 SOL loss.

This report of loss was mirrored within the ultimate rely, with a complete of three,160 SOL invested and solely 2,406 SOL returned. The account’s transaction historical past, publicly accessible on Solscan, highlights a sequence of transactions characterised by a shopping for excessive and promoting low sample.