Investor’s Misstep With Memecoins Leads to $147K Loss on Solana

• Investor loses 754 SOL ($147K) trading 11 meme coins on Solana.
• The “buy high, sell low” pattern led to losses on 11 traded tokens. 
• The trader’s investment of 3,160 SOL returned 2,406 SOL.

A recent analysis by Lookonchain has spotlighted an individual losing money trading meme coins on the Solana blockchain. Over three days, the investor engaged in trading 11 different meme coins, with each transaction resulting in a loss.

According to the analysis, this series of investments led to an aggregate shortfall of 754 SOL, which was equivalent to approximately $147,000 at the time of the report.

The investor’s experience with meme cryptocurrencies on the Solana platform started with an acquisition of SNAP ($SNAP), totaling 500 SOL. However, the trade did not yield the desired results, and SNAP ended in a 277.32 SOL loss. 

This pattern of loss was repeated across a spectrum of similarly themed coins. “I LIKE THIS COIN” (LIKE) saw an investment of 1,150 SOL but returned a loss of 135.41 SOL. Smaller losses were observed in trades of “SORRY” (SORRY), “buk of mem” (bume), and “BOOK OF PEPE” (BOPE).

Moreover, “The Book of Missing Out” (BOMO) and “Bibi on SOL” ($BIBI) also failed to escape the bearish trend, recording losses of 29.93 and 148.74 SOL, respectively. Other assets in the investor’s portfolio included “IQ50” (IQ50), “U SELL U GAY” (USUG), and “DogWifHat Twin” (SAM), each contributing to the overall deficit. Raw Chicken Experiment (JOHN) rounded out the list with a nominal 10 SOL investment and a 3.7 SOL loss.

This report of loss was reflected in the final count, with a total of 3,160 SOL invested and only 2,406 SOL returned. The account’s transaction history, publicly available on Solscan, highlights a series of transactions characterized by a buying high and selling low pattern.