The Solana (SOL) network, known for its fast and scalable transactions, is facing choppy waters. Congestion issues and high rates of transaction errors are causing turmoil in the crypto world, raising concerns about the stability of the ecosystem. But amidst this uncertainty, one trader managed to rise above the chaos and turn a $530,000 investment into a windfall of over $6 million.
Solana trader made a huge profit
This savvy trader, whose identity remains anonymous, saw an opportunity in “boden,” a meme coin that playfully references U.S. President Joe Biden. Just two days after its launch, the trader took a gamble and purchased a whopping 12.08 million boden for 3,100 SOL; this was roughly equivalent to $530,000 at the time. This bold move, reported by Lookonchain on X (formerly Twitter) on April 9, highlights the high return potential in the meme coin market but also its inherent risk.
A month later, the trader began strategically selling boden assets. At its sale on April 6, 9.08 million boden were offloaded for 23,758 SOL, equivalent to $4.06 million. This single transaction allowed the trader to make a staggering profit of SOL 20,659, or $3.53 million. As of today, the investor’s Solana account “54tf7…PohCS” still holds 2.9 million tokens worth approximately $2.34 million, with the current token price hovering around $0.8089. This translates to a staggering total profit of $6.4 million on an initial investment of $530,000; This is a testament to the volatility as well as potential rewards of the meme coin market.
There is a struggle on the network
But the story doesn’t end there. Solana’s current network struggles cast a large shadow over this success story. Since more than 50% of transactions cannot be confirmed, even the smartest investors face significant hurdles. Imagine a scenario where the price goes up but your sell order gets stuck due to network congestion; This is a nightmare for every investor.
Cryptocurrency analyst Duo Nine described the situation at X (formerly Twitter) as a “war” unfolding on Solana. Bots programmed to spam the network are believed to be a major contributor to congestion. Dune Analytics data compiled by “Scarn_eth” paints a worrying picture. Transaction failure rates were exceeding 57% on April 9th and even reached a staggering 75% just a few days ago.
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