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Solana network saw an investor miss the chance to turn $8,000 into nearly $1 million by selling a newly launched frog-themed memecoin a day before its price soared. On March 14, blockchain data analytics firm Lookonchain highlighted an impressive trade involving a Solana owner with the wallet address shatter.sol, who invested 50 SOL into a new Solana memecoin called Book of Meme (BOME).
Memecoin Madness Continues in Solana Ecosystem
The investor bought approximately 170 million tokens and sold them for $131,000 after the price increase. While many already considered this trade extraordinary, the token’s price continued to climb. Data from the token price tracker CoinGecko shows that BOME‘s price rose from its initial price of $0.00005848 on March 14 to $0.005833 on March 15.
This surge in price raised the token’s market value to over $320 million, meaning if the investor had waited one more day before selling, their 170 million tokens would have been worth approximately $993,000. Opinions among observers of the Solana memecoin trade were divided. One user, X, thought the investor failed to realize a fortune that could have been passed down generations, while another said profit is profit.
Although this investor missed out on huge gains, others seem luckier. An influencer known in the crypto space as Eljaboom, Moataz Elsayed, claims a wallet address turned 420.69 SOL, worth $80,000, into $5.7 million in just 48 hours. This amount matches the pre-sale investment of an anonymous investor claiming to be the number one token holder, Sunday Funday.
Memecoin Hype in the Solana Ecosystem
Book of Meme project was initiated by an artist named Darkfarms, who was surprised by the number of people participating in the memecoin project’s presale. The artist mentioned that during the presale, they did not expect large sums for such an experimental project with a strange payment method.
On March 13, the memecoin founder stated that their next move would be to strategize and contemplate creating pools with good liquidity. In November 2023, a new wave of interest hit the Solana ecosystem, causing the token price to increase by 80%. This was followed by a Solana memecoin frenzy with tokens like Bonk, Dogwifhat, and Silly Dragon showing substantial gains.
