Invested Half a Million in Meme Coin: Lost a Fortune in Less Than a Day!
A meme coin investor surprised those who saw him with the loss he made in less than a day.
According to data provided by the on-chain analysis platform Lookonchain, an investor suffered a huge loss in a short period of time due to a Solana-based meme coin transaction.
This person first withdrew 3,175 SOL worth $508,000 from Bitget and ME,XC exchanges. Then, he spent all of these assets to buy 932,000 CATDOG at once.
The investor, who made the purchase transaction with the rise that came on August 26, bought at the highest point of the day and was soon in the red. With the subsequent declines, the investor lost 77%, or $320,000, in less than a day.
CATDOG, a Solana-based meme coin that combines cat and dog themes, made a big splash in the first days it was released. But then the fading interest and the incoming sales caused the price to drift towards the bottom.
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