A trader experienced substantial losses in a swift trading decision involving the cryptocurrencies $SOL and $ANT. Initially, the trader used 3,396 $SOL, worth around $587,000, to purchase 14.7 million $ANT tokens in a single transaction. However, within just 40 minutes, the situation turned disastrous. Lookonchain, an on-chain crypto analytical platform, revealed the details of the trader’s loss through its official X account.
The trader ended up losing 2,623 $SOL, equivalent to about $454,000, after deciding to sell their entire $ANT position within less than 40 minutes. The rapid sale resulted in a return of only 773 $SOL, valued at approximately $134,000 at the time.
This transaction took place on Raydium, a popular decentralized exchange based on Solana, where the $ANT/SOL pair exhibited noticeable volatility in terms of liquidity and volume. At that time, the liquidity for $ANT/SOL was approximately $635,000, with the fully diluted value of $ANT remaining around $9.8 million. The market capitalization also reflected this figure of $9.8 million.
Despite the trader’s unfortunate outcome, the broader market remained active. The $ANT/SOL pair saw a total volume of $133.4 million, with over 89,000 transactions executed. During the same period, there were 48,603 buy orders compared to 40,654 sell orders.
These incidents shed light on the extreme volatility present in decentralized markets like Solana. The trader’s rapid loss serves as a cautionary tale for those engaging in high-volume trades on decentralized exchanges, where liquidity conditions can change rapidly. It also emphasizes the risks associated with trading volatile tokens such as $ANT.
In terms of the price analysis for $SOL, the chart indicates a 5% increase over the past day, with the current price at $173.59. The market cap has grown by 4.82% to $81.61 billion, while the 24-hour trading volume surged by 23.16% to $4.14 billion.
The chart shows a consistent upward trend, with the price reaching a peak of approximately $174 after starting the day at around $165.32. Solana’s total supply is 587.12 million SOL, with 470.11 million $SOL circulating in the market. The current price momentum indicates strong market activity and positive sentiment.