January 10 user zer0xtrading.sol spent 86,738.21 SOL (~$8.6 million) to buy 15.92 million Dogwifhat meme tokens (WIF), but lost most of the funds due to slippage.
See more
Yesterday someone swapped 86k SOL (8.6 million $) for a single swap to buy $WIF
But he did it in the most inefficient way possible
At the time of purchase, there was only 11k SOL on the Raydium AMM, 19k SOL on Orca and 60k SOL on Meteora
And this created an arb opportunity pic.twitter.com/dOGIHkj4G4
— Plan (@Plan__) January 11, 2024
The trader made a trade in a pool with low liquidity, resulting in the order being filled at approximately $3 per coin. At that time, its market price was at $0.13.
The subsequent “fall” in the exchange rate led to the trader losing approximately 92% of his funds.
At the same time, one MEV bot running 2fast managed to make money on this deal about $1.73 million. In one batch of transactions, he exchanged 703 SOL for 490,000 WIF, and then swapped them for 19,035 SOL.
See more
2Fast, the mev bot used JITO to bundle both the buyer transaction and his transaction and included a 890 SOL tip
The bot bought 490k WIF for 703 SOL from raydium concentrated liquidity
To sell it for 19 035 SOL on the same transaction pic.twitter.com/sAbSVwOEZx— Plan (@Plan__) January 11, 2024
“It was not a sandwich attack, but a simple reverse move. The buyer created the misrepresentation, it was not created by a bot. I still don’t understand the motive for this purchase. But if you could find such rich, unreasonable buyers, that’s cool,” wrote a developer under the username Pland.
Over the past week, WIF has grown by almost 120% – from $0.11 to $0.24. According to CoinGecko, its capitalization reached $240 million.
15-minute WIF/USDT chart of the MEXC exchange. Data: TradingView.
Previously, a trader under the pseudonym Blockgraze turned $1,000 into $200,000 by trading WIF. He bought the coin at the November 2023 launch.
Let us remind you that on January 10, 2024, the quotes of the meme coin Samoyedcoin (SAMO) launched on Solana increased by 54% per day against the backdrop of a distribution for owners of Saga smartphones.
Subscribe to ForkLog on social networks
Found an error in the text? Select it and press CTRL+ENTER
ForkLog newsletters: keep your finger on the pulse of the Bitcoin industry!
2024-01-12 09:26:47
#trader #lost #funds #transaction #WIF #meme #token #ForkLog
