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Trader Loses Over $5.7 Million in Slippage on Solana Meme Coin Dogwifhat

11/01/2024 16:43

SOL

3.68%

According to CoinDesk, a trader seemingly spent nearly $9 million on Thursday to purchase dogwifhat (WIF), one of Solana's most-viral meme coins that netted millions of dollars for early investors in December. The purchases were made over three transactions worth $6.25 million, $1.78 million, and $893,000, according to blockchain data tied to a Solana wallet address. However, placing such a large trade order on a relatively low-liquidity pool appears to have resulted in financial disaster: The buyer ended up purchasing WIF at as high as $3 as prices spiked immediately, before prices plunged back down to 15 cents, leaving the trader with a slippage loss of over $5.7 million. Slippage refers to the difference between the expected price at which a trade is placed and the actual price at which the trade occurs. Some market watchers have termed the trade a possible 'marketing stunt,' one that could have drawn attention to WIF as prices took a hit in recent weeks. WIF is up 50% in the past 24 hours on the buying pressure, data from DEXScreener shows. Traders exchanged $35 million on decentralized exchanges alone, and the token has a market capitalization of over $200 million. The meme coin turned out to be one of the biggest hits in the Solana ecosystem recently, alongside bonk (BONK) and other tokens, as a meme coin frenzy occurred on the blockchain in December. The significant hype it drew created a lottery of sorts for early buyers, as some turned $1,000 worth of SOL into millions of dollars as prices quickly and suddenly climbed.

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