Trader missed out on $6m profit after selling Solana-based meme coin

A cryptocurrency trader recently missed out on a massive profit potential after selling his Goatseus Maximus tokens too soon. 

According to data provided by Solscan, the trader initially bought 19.72 million GOAT tokens on Oct. 10, making three separate transactions between 21:37 and 21:48 UTC. He spent 40 Solana (SOL), worth $5,500 at the time, to acquire his holdings. 

However, shortly after his purchase, the price of GOAT faced extreme volatility, crashing by over 72% within just an hour. The token’s value fell to a low of $0.00004076, prompting the trader to panic. 

Fearing the price might drop to zero, as is common with new meme coin projects, he decided to sell his entire position at 22:24 UTC, barely an hour after his purchase.

The trader sold all 19.72 million GOAT tokens for just 7.87 SOL, about $1,100, taking a loss of 80% on his initial investment, amounting to $4,400. At the time, this seemed like a sensible decision given the sharp price decline. However, just five days later, the asset’s price skyrocketed.

The 19.72 million tokens the trader sold are now worth over $6 million at the time of writing, as the token’s value climbed to $0.3082. This represented a massive increase of 751,126% from the earlier low of $0.00004076. 

The recent event is the latest in a long line of similar occurrences. In March, an investor who participated in the Book of Meme (BOME) presale sold their BOME tokens too early. Despite earning over $100,000 in profits, they missed out on a $1 million gain.

In August, another trader sold their Sundog (SUNDOG) tokens to net a profit of about $400 within 20 minutes. However, this proved to be a premature decision, as the tokens’ value rallied to $2 million days later.