Meme Coin Trader Misses Out on $25 Million Payout After Selling HIPPO on Sui Network Too Early
Crypto trading is fast-paced and unpredictable, especially with the plethora of tokens available. Meme coins, in particular, have gained significant attention, especially those on the Solana network. Traders are always on the lookout for the next big meme coin.
Recently, much interest has been focused on Sui Network, a cutting-edge blockchain platform known for its high transaction processing speed of over 50,000 transactions per second (TPS), surpassing even Solana. The surge in activity can be attributed to the success of one of the largest meme coins within the Sui Network ecosystem.
Sudeng (HIPPO), the meme coin in question, has been on an incredible streak since its launch just six days ago. Its value has skyrocketed, driving up its market capitalization and liquidity on Sui Network’s decentralized exchange, Cetus 4.
Early investors who had the foresight to hold onto their HIPPO tokens, despite the sell-off in other major markets like Bitcoin, are now swimming in profits. Unfortunately, one meme coin trader is regretting their decision to exit early and sell off their HIPPO tokens for a small profit.
At the time of launch, the trader sold 258 SUI tokens, valued at around $433, in exchange for a whopping 1.8 billion HIPPO tokens. This represented approximately 20% of the total HIPPO supply, which stood at 10 billion tokens. However, a few days later, the trader decided to sell all their HIPPO stash for 6,299 SUI, earning them nearly $11,000.
The problem is that if the trader had shown a little more patience and waited just 36 more hours, they would have reaped substantial gains. As of October 4, the trader’s original 1.8 billion HIPPO tokens would be valued at over $25 million.
It’s certainly a costly lesson for the trader, but they shouldn’t be entirely blamed. The $11,000 they earned still represents an extraordinary gain of over 200 times their initial investment. Additionally, even if the trader had embraced the “diamond hands” mentality and held onto their HIPPO tokens, it would have been challenging to find buyers for such a large quantity all at once.
Another area of concern surrounding HIPPO is its liquidity. Analysis from SuiScan reveals that one address controls over 7.6 billion HIPPO tokens, equivalent to over 76% of the total supply. If the trader had held onto their tokens, that address would have become the second-largest holder. Any attempt to sell such a large quantity would have triggered a sharp decline in prices, creating panic among other holders.
For now, traders will be closely monitoring the performance of HIPPO. As a meme coin, its value relies heavily on hype and the fear of missing out (FOMO). If the FOMO effect kicks in, HIPPO could surge higher and outperform SUI, which is currently holding relatively firm.
It’s important to remember that the cryptocurrency market is unpredictable, and missed opportunities like this occasional happen. Feature image from DALLE, chart from TradingView.