The launch of $SMOLE, a new memecoin on the Solana blockchain, has injected excitement into the trading community, albeit with mixed outcomes for investors.
Shortly after Smile ($SMOLE) hit the trading floor, one savvy trader capitalized on the opportunity, raking in profits of 18,986 $SOL, equivalent to $3.6 million, in just 15 minutes.
Only 15 minutes after $SMOLE started trading, this whale made 18,986 $SOL($3.6M) by trading $SMOLE.
He spent 18,460 $SOL($3.5M) to buy 22.21B $smole within one second after $SMOLE opened trading, then sold it for 37,446 $SOL($7.1M).
Made 18,986 $SOL($3.6M) in just 15 minutes!… pic.twitter.com/qLyKJi73Jb
— Lookonchain (@lookonchain) March 21, 2024
This trader swiftly executed a series of transactions, initially investing 18,460 $SOL, approximately $3.5 million, to acquire 22.21 billion $SMOLE tokens within a mere second of Smile’s debut.
Subsequently, the trader sold these tokens for 37,446 $SOL, amounting to $7.1 million, resulting in a remarkable profit of 18,986 $SOL within the brief trading window.
$SMOLE Trader Losses Massive SOL Investments And Diverts To $SLERF
However, not all traders fared as well. Another trader, notorious for buying high and selling low, experienced losses with $SMOLE twice within a span of 20 minutes.
This trader incurred a total loss of 371 $SOL, valued at $70,000, before redirecting their investment towards $SLERF. With a substantial investment of 2,549 $SOL, totaling $484,000, this trader pivoted to a different memecoin in hopes of better returns.
This guy always buys high and sells low.
He lost money on $SMOLE twice in just 20 minutes, with a total loss of 371 $SOL($70K).
Then he spent all 2,549 $SOL($484K) to buy $SLERF.https://t.co/X4aRpNrZuC pic.twitter.com/oZlWkyKD8B
— Lookonchain (@lookonchain) March 21, 2024
Despite the initial excitement surrounding Smile’s launch, the memecoin experienced a 20% decline in value. Presently, the live price of Smile stands at $0.000202 USD, with a notable 24-hour trading volume amounting to $322,440,083 USD.
The launch of Smile exemplifies the dynamic and volatile nature of the cryptocurrency market, where traders navigate opportunities and risks in pursuit of profits.
As Smile continues to make waves in the Solana ecosystem, traders remain vigilant, poised to capitalize on market movements and emerging trends.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: alexandarilich/123RF // Image Effects by Colorcinch
