Meme Coin Trader Misses A $25 Million Payout After Exiting Early

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.

With the dynamic nature of crypto activity and the ever-expanding landscape of tokens (now numbering over two million and counting), it’s a challenge to pinpoint precisely which of these coins will pump and on which network. Granted, meme coins have been stealing the headlines, especially on Solana. From MooDeng to Bonk and Pepe, traders are keeping a keen eye out.

Meme Coin Trader Misses Out on a $25 Million Payout

However, over the past week, the focus has shifted towards Sui Network, a next-generation blockchain that boasts the capacity to handle over 50,000 transactions every second (TPS), outpacing even Solana. The surge in activity is driven by the success of what could arguably be called one of the biggest meme coins within its ecosystem.

After launching nearly six days ago, Sudeng (HIPPO) has been on a tear, posting impressive higher highs. The surge over this time has pushed HIPPO’s market cap and, thus liquidity, higher, judging by the swaps on Sui Network’s decentralized exchange, Cetus 4.

Trading at over $0.010 means that traders who got in early, choosing to HODL on and not getting fazed by the sell-off across major markets like Bitcoin could be neck-deep in profits. According to trackers, one meme coin trader is having second thoughts after exiting early, dumping HIPPO for a small profit.

On launch day, the trader sold 258 SUI, valued at around $433, for 1.8 billion HIPPO. This is nearly 20% of the total supply, which stands at 10 billion. But days later, the trader opted to sell all this stash for 6,299 SUI, netting 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 valued at 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 Continue?

HIPPO is not very liquid, and according to SuiScan, one address controls over 7.6 billion tokens, which is more than 76% of the total supply.

If the trader did hold 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.