A cryptocurrency trader’s high-stakes gamble on a newly minted meme coin, ANT, has ended in a spectacular failure, with the investor losing around $454,000 in less than an hour as a result of their massive bet.
The investor spent 3,396 Solana (SOL) worth $587,000 to buy 14.7 million ANT tokens in a single transactions, but less than an hour later they “capitulated and sold it all” for just 773 SOL worth around $134,000, according to popular on-chain analysis service Lookonchain.
The transaction was executed on the Solana blockchain using the Raydium automated market maker. ANT’s initial appeal stemmed from its unique creation story. As the first coin launched on Solana using AnthropicAI’s Claude feature, the token was seen as a product of artificial intelligence.
Despite the initial buzz surrounding ANT, the coin has experienced a notable sell-off in recent days. While the exact reasons for this decline remain unclear, it is evident that the trader’s ill-timed investment coincided with a broader downward trend in the ANT market.
Various traders have managed to make millions off of memecoin investments this year, with one trader, identified on-chain by the alias “sundayfunday.sol,” turning a $72,000 investment into a staggering $30 million within just three days trading a little-known cryptocurrency.
As reported, a patient’ cryptocurrency trader has recently managed to turn around $8,600 into over $1.26 million after investing in a little-known cryptocurrency and holding onto it for two months to secure their gain of 144x.
The trader’s gains came after another cryptocurrency trader managed to turn 500 SOL tokens worth around $67.000 into 5,789 SOL worth over $780,000 in just 15 minutes after managing to “snipe” a large portion of a newly launched cryptocurrency’s supply.
There have also been other significant losses, with a Solana trader losing $37,000 while speculating on a memecoin over their emotional trading pattern. It’s worth noting memecoin are extremely speculative and volatile, and while stories of successful trades often surface, those of unsuccessful trades are often buried.
Featured image via Unsplash.
