New Solana Memecoin, SMOLE Token, Generates 18,986 SOL for Crypto Trader

A savvy crypto trader recently experienced a windfall by capitalizing on the SMOLE token, a new Solana meme coin created by visual artist Dekadente. Seizing the opportunity, the trader invested 18,460 SOL to acquire a staggering 22.21 billion SMOLE tokens. This significant transaction occurred just seconds after SMOLE began trading. In a swift and strategic move, the investor promptly sold their SMOLE holdings for an astonishing 37,446 SOL within a mere 15 minutes. This rapid turnaround generated a profit of 18,986 SOL.

SMOLE’s launch commenced by raising an impressive 169,982 SOL during its presale, setting a record as the largest amount ever raised by a Solana meme coin. The token became available for trading through its listing on several prominent crypto exchanges, including HTX, Bitrue, XT.com, Gate.io, and more.

Solana’s memecoins have been experiencing substantial gains, fueled by a broader surge in the crypto market that has seen Bitcoin, Ethereum, and nearly all altcoins on a bullish trajectory. At the time of writing, the total market capitalization of Solana memecoins has increased by 2.1% in just one day, reaching a valuation of $6 billion.

Interestingly, Anatoly Yakovenko, co-founder of Solana, has voiced concern regarding the community’s current intense focus on memecoins, emphasizing the need for a more balanced approach to crypto investing.

Furthermore, the high demand for these meme coins has resulted in congestion issues within the Solana network, making it challenging to distribute tokens to investors. This congestion has also hindered the initiation of the token’s airdrop.

To address this problem, 0xDekedente proposed a solution where the token launch would precede the airdrop, allowing for immediate distribution once network conditions improve and bypassing the network slowdown. An online poll has revealed the community’s preference for prioritizing the token launch over immediate availability for those who participated in the pre-sale.

Tags: Altcoins