Earlier today, Lookonchains report has highlighted a dramatic loss of 2,623 SOL, equivalent to $454K, by a trader in less than 40 minutes. This trader had initially spent 3,396 SOL, valued at $587K, to purchase 14.7 million $ANT tokens in a single transaction.Â
However, in a swift turn of events, the trader capitulated less than 40 minutes later, selling all $ANT tokens for only 773 SOL, which amounts to $134K. This decision led to a staggering loss of $454K within a very short period.
Memecoin ANT’s Price Action
Ironically, the trader’s bad luck coincides with $ANT, the memecoin built on the Solana, having a strong market performance. With a gain of approximately 70% from the previous day, $ANT is now trading at $11.40.
The 24-hour trading volume of $ANT has increased by 2.44%, and the global market capitalisation is currently $492.32 million. The token’s unexpected spike is a reflection of the speculative traders’ continued interest in the memecoin market.
Solana’s Role in the Memecoin Frenzy
The rapid rise of $ANT and other Solana-based memecoins is part of a larger trend. Solana has greatly benefited from the recent surge in memecoin activity, much of which is centred around DeFi protocols.
Notable examples include the Goatseus Maximus (GOAT) token, which skyrocketed to a $600 million market cap from zero within two weeks. The hype surrounding GOAT was fueled by a heavily promoted AI bot called Truth Terminal, which significantly influenced social media discussions.
Solana itself has seen significant growth during this memecoin frenzy, trading at $172.32 with a 3.71% increase in the last 24 hours and a 12% rise over the past week. Its global market cap has reached $80.97 billion, while its 24-hour trading volume has jumped by 27.56%, showing that the memecoin trend continues to drive substantial blockchain activity.