The lucrative memecoin trend on the Solana network has turned sour for a trader who lost 263.5 SOL in just three minutes of trading.
Lookonchain’s on-chain data revealed that the trader initially invested 300 SOL ($52,372) to acquire the meme token LADYF at a market price of $0.001404. However, the token’s value plummeted to $0.0001708 in just three minutes, leading the trader to cash out a mere 36.49 SOL ($6,370), resulting in a staggering loss of 263.5 SOL ($46,000).
Profitable But Not Always
While there have been several reports of traders who made life-changing funds from trading memecoins in the Solana network early enough, this time, a trader lost over 87% of his portfolio FOMOing into the LADYF token.
Trading volatile tokens, particularly memecoins, can be a dangerous endeavor. A case in point is a trader who lost a staggering $147,000 in just three days due to ill-timed memecoin purchases, according to a Coinfomania report.
The trader’s experience is a cautionary tale about the dangers of FOMO trading. Despite purchasing 11 different tokens, he incurred losses across the board, with his most significant loss stemming from a late entry into the NAP token.
Another Trader Gained From LADYF
Despite losing over 87% of his account in just three minutes, another early LADYF trader made 1,783.5 SOL ($310,000) trading the token. The address bought the memecoin five seconds after its launch with just 0.5 SOL ($87).
On-chain analysis showed that he acquired 2.89 billion LADYF, which he resold after making 3,567 times his initial investment. Notably, LADY is down over 557% and is trading at $0.00005385 after reaching an all-time high above $0.03
