In summary
- A trader of a new Solana memecoin called Pochita turned $140 into $450,000 in less than 24 hours and has yet to sell most of his tokens.
- The coin was released after the owner of the dog that inspired Solana’s BONK coin adopted a new puppy named Pochita.
- The trader bought 1 SOL ($140) of the token one minute after its launch and is now the largest holder of Pochita with 2.18% of the supply.
A trader of a new Solana memecoin called Pochita turned $140 into $450,000 in less than 24 hours, and has yet to sell most of his tokens.
The coin was launched (and skyrocketed) after the owner of the dog that originally inspired Solana’s BONK coin adopted a new furry friend named Pochita on Wednesday. The news prompted several Cryptocurrency degens to create a slew of meme coins inspired by the puppy, and unlike the civil war sparked by Neiro, one token quickly stood out as the winner.
An unidentified trader, using a wallet beginning with “AjwF,” purchased 1 SOL ($140 at the time) of the token just one minute after it was launched on Pump.fun. He was the 19th person to purchase more than 0.05 SOL ($7) of this particular Pochita coin, placing a relatively large bet on the nascent token.
Interestingly, the trader had already bought and sold two previous Pochita tokens just seconds before identifying the big winner. The trader continued buying and selling coins, including more Pochita tokens, but for some reason he held on to this token amid the initial frenzy.
Almost 24 hours later, the retained Pochita token has reached a market capitalization of $22 million, while the discarded tokens failed to take off. As a result, the initial purchase of 1 SOL is now worth over $450,000, according to DEX Screener, after AjwF sold just $450 since the initial purchase. This makes the trader the largest holder of Pochita with 2.18% of the supply.
Blockchain analysis firm Bubblemaps told Decrypt that there are no immediately visible on-chain links among early buyers, and that most have already sold their assets amid the surge. This is usually a sign that the token is not controlled by insiders, although the company warned that it cannot be 100% sure at this stage.
That being said, with 2.18% of the supply, the big Pochita winner could drive the price down significantly if they decided to sell their tokens. However, it is worth noting that AjwF would not receive the full market value for their tokens if they decided to sell all at once. As a result of holding a large portion of the total tokens, a large amount of slippage would occur.
This may explain why the trader has started dividing his funds into different wallets, the same behavior that “Moo Deng Millionaire” displayed. Now storing funds in five separate wallets, the lucky trader is spreading out his funds while looking for the perfect opportunity to sell.
Pochita is now 45% below its all-time high of $35 million reached just over eight hours ago. Did AjwF miss the perfect opportunity to withdraw your money? This is an all too common tragedy in memecoins. As billionaire investor Mark Cuban said in an interview this week with Decrypt’s sister company Rug Radio, meme coin trading is a high-risk game.
Perhaps the most notorious case is that of the former Dogecoin millionaire who became a billionaire with DOGE, but unfortunately never sold. Recently, a trader turned $800 into $7.5 million with Moo Deng. According to blockchain data, they have not yet sold their tokens despite having fallen 30% from their all-time high.
Edited by Andrew Hayward
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