According to cryptocurrency onchain data, a trader took a huge risk to be the first to buy a new altcoin and lost almost all of his money as a result.
Onchain data showed that a user paid a priority fee of 1,068 SOL worth $208,000 to purchase a new memecoin called “ai deborah.” This payment resulted in the purchase of 174 million units worth $97,000 by paying an additional 500 SOL for the token.
However, the panicked crypto whale sold all of his ai deborah tokens just three minutes after purchasing them, as the token’s value plummeted, and he was only able to get 40 SOL worth $7,700.
So this unfortunate crypto whale took a huge risk by investing in a new memecoin and lost $298,000 in just three minutes.
In the Solana ecosystem in particular, crypto whales are paying outrageous fees to be among the first to buy newly released memecoins. Given the inherent risk of memecoins, the vast majority of these trades end in failure.
*This is not investment advice.
