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Meme coins on Solana continue to epitomize crypto’s infamous gambling aspect, where participants may make or lose a fortune with a few clicks.
Lookonchain highlighted a trader’s loss of 263.5 Solana (SOL) valued at $46,000 after investing in meme coin LADYF on March 22. The crypto user bought over $50,000 worth of the meme token shortly after it was listed. Minutes later, the coin plummeted, and the trader sold it to recover only 36.49 SOL, about $6,200.
According to Dexscreener, LADYF skyrocketed more than five million percent seconds after launching, but the coin has declined ever since. The token’s name is similar to LADYS, a meme token announced by the NFT project Milady.
Milady initially raised over $18 million SOL in two hours for its presale, but the project reimbursed early investors.
Trader makes $310k on LADYF Solana memecoin
While one trader lost 80% of their capital, another increased their initial punt by over 3,400%. The trader invested 0.5 SOL, or $90, seconds after LADYF opened trading and scooped 2.8 billion on the meme coin.
In crypto, this practice is called sniping and leverages sophisticated tools with higher gas fees to claim priority settlement. The trader cashed in 1,784 SOL worth over $310,000 across several transactions.
LADYF once again showcased highly liquid speculation on meme coins, cryptocurrencies built around meme culture, and community hype without necessarily providing utility to holders. Since March 12, such tokens have raised over $150 million in presale rounds.
Although Solana Labs founder Anatoly Yakovenko urged investors to stop throwing cash at these cryptocurrencies, meme coin trading buoyed SOL’s blockchain above competitors like Ethereum on at least two occasions in the past week.
Read more: CoinGecko: Nearly 50% of investors considering Solana