Trader Generates 18,986 SOL in Profit Trading $SMOLE: The Emerging Solana-Based Memecoin

A savvy crypto enthusiast recently capitalized on the emergence of SMOLE, a new meme coin on the Solana blockchain crafted by the artist Dekadente. This individual made the bold move to invest 18,460 SOL, acquiring 22.21 billion SMOLE just as it began trading. This shrewd calculation occurred precisely one second after the coin hit the market. In a span of fifteen minutes, the trader offloaded their SMOLE investment, collecting 37,446 SOL in return, thus realizing an impressive profit of 18,986 SOL.

The inauguration of SMOLE saw a record-breaking pre-sale fundraise of 169,982 SOL, a figure unheard of for Solana-based meme coins. The coin’s trading kicked off today following its introduction on various cryptocurrency exchanges, including HTX, Bitrue, XT.com, Gate.io, among others.

There’s been a notable surge in Solana’s meme coin sector, amidst a broader cryptocurrency market rally that’s propelled Bitcoin, Ethereum, and numerous other alternative coins. As of this writing, the collective market cap of Solana’s meme coins has experienced a 2.1% uptick within 24 hours, escalating to a $6 billion valuation.

The co-founder of Solana, Anatoly Yakovenko, has aired his concerns regarding the community’s overwhelming enthusiasm for meme coins, calling for a more measured approach to crypto investment.

The frenzy around these coins has precipitated congestion issues within the Solana network, complicating token distribution to investors and stalling the planned airdrop.

To circumvent these network clogs, @0xDekedente proposed that the token’s market entry be prioritized, with the airdrop following once network conditions stabilize. An online survey indicated a communal preference toward this sequence, accepting a temporary delay in pre-sale participants’ access to the coin.