The ANT memecoin within a short time frame caught the attention of meme coin traders due to certain factors.
A cryptocurrency trader has lost a significant amount of money trading memecoins, with one recent trade resulting in a loss of $450,000 in about 40 minutes.
The trader purchased 14.7 million ANT tokens for 3,396 Solana (SOL) ($587,000) on the Radium automated market maker (AMM) platform. The transaction was for the ANT/SOL trading pair.
However, 40 minutes later, the trader sold the entire position for 773 SOL ($134,000), resulting in a total loss of 2,623 SOL (around $454,000).
The rapid sell-off by the trader highlights the high risks associated with trading memecoins, which can experience extreme volatility.
The ANT memecoin quickly gained attention among meme coin traders, but its downturn cannot be attributed to a specific event and is likely due to the inherent volatility of meme coins.
At the time of writing, ANT was trading at $0.004688, with a market capitalization of almost $4.6 million. The market capitalization peaked at $25 million at one point before the significant drop.
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