Meme coins on Solana continue to embody the infamous gambling aspect of cryptocurrencies, where participants can win or lose a fortune with just a few clicks.
Lookonchain highlighted a trader's loss of 263.5 Solana (SOL) worth $46,000 after investing in the LADYF meme coin on March 22. The crypto user purchased over $50,000 worth of the meme token shortly after its listing. Minutes later, the coin plummetedand the merchant sold it to recover only 36.49 SOL, about $6,200.
According to Dexscreener, LADYF skyrocketed more than five million percent seconds after launch, but the coin has since declined. The name of the token is similar to LADYS, a meme token announced by the nft project Milady.
Milady initially raised more than $18 million in two hours for its pre-sale, but the project refunded early investors.
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A trader earns $310,000 with the LADYF Solana memecoin
While one trader lost 80% of his capital, another increased his initial bet by more than 3,400%. The trader invested 0.5 SOL, or $90, seconds after LADYF opened trading and netted 2.8 billion in the meme coin.
In crypto, this practice is called sniping and takes advantage of sophisticated tools with higher gas fees to claim priority settlement. The merchant collected 1,784 SOL worth more than $310,000 in several transactions.
LADYF once again displayed highly liquid speculation on meme coins, cryptocurrencies built around meme culture, and community hype without necessarily providing utility to holders. Since March 12, these tokens have raised over $150 million in pre-sale rounds.
Although Solana Labs founder Anatoly Yakovenko urged investors to stop throwing cash at these cryptocurrencies, meme coin trading propelled the SOL blockchain above competitors like ethereum on at least two occasions during the last week.
