Crypto activity is dynamic, and with over two million tokens (and growing), it is hard to know precisely which of these coins will pump and on which network. Admittedly, meme coins have been dominating headlines, especially on Solana. From MooDeng to Bonk and Pepe, traders are on the lookout.
Meme Coin Trader Misses A $25 Million Payout
In the past week, eyes have been on Sui Network, a modern blockchain that claims to process over 50,000 transactions every second (TPS) and is faster than Solana. The spike in activity results from the success of what’s arguably one of the largest meme coins in its ecosystem.
After launching nearly six days ago, Sudeng (HIPPO) is on fire, posting impressive higher highs. The surge over this time has pushed HIPPO’s market cap and, thus liquidity, higher, looking at swaps at Sui Network‘s decentralized exchange, Cetus 4.
Changing hands at over $0.010 means traders who got in early, choosing to HODL on and not getting concerned with the sell-off across major markets like Bitcoin could be neck-dip in profits. According to trackers, one meme coin trader is regretting after exiting early, dumping HIPPO for a small profit.
On launch, the trader sold 258 SUI, worth around $433, for 1.8 billion HIPPO. This is nearly 20% of the total supply standing at 10 billion. However, the trader chose to sell all this stash for 6,299 SUI days later, racking in nearly $11,000.
The problem is, if the trader had chosen to wait, even for another 36 hours, it would have turned out to be major gains. As of October 4, the 1.8 billion HIPPO, is now worth over $25 million.
The premature decision to sell is proving costly and is a missed opportunity. All the same, the trader shouldn’t be blamed. The $11,000 earned represents a more than 200X gain.
Moreover, even if the trader would have held on, becoming a diamond hand and waiting for prices to rally, it would have been tough for the trader to exit all at once.
HIPPO Concentration A Concern: Will The Sudeng Pump?
HIPPO is not very liquid, and looking at ownership from SuiScan, one address controls over 7.6 billion tokens, which is more than 76% of the total supply.
If the trader held on, the address would be the second largest. Any attempt to sell would force prices lower, triggering panic as other holders scramble to the exits.
Currently, traders will be closely monitoring how HIPPO performs. As a meme coin, much depends on hype and whether there is a fear of missing out (FOMO). If that’s the case, the meme coin will float higher, outperforming SUI, which is also relatively firm.
Feature image from DALLE, chart from TradingView
Source