Trader missed out on $6m profit after selling Solana-based meme coin

A cryptocurrency trader recently missed out on a huge profit potential by selling Goatseus Maximus tokens too early.

According to data provided by Solscan, the trader first purchased 19.72 million GOAT tokens on October 10, executing three separate transactions between 21:37 and 21:48 UTC. He spent 40 Solana (SOL), worth $5,500 at the time, to purchase his assets.

However, shortly after its acquisition, GOAT’s price faced extreme fluctuations, dropping over 72% in just one hour. The value of the token dropped to $0.00004076, causing the trader to panic.

Fearing that the price might drop to zero as is the case with new meme coin projects, he decided to sell his entire position at 22:24 UTC, just an hour after his purchase.

The trader sold all 19.72 million GOAT tokens for only 7.87 SOL (about $1,100), losing 80% of his initial investment ($4,400). This seemed like a logical decision at the time, given the sharp price drop. However, just five days later, the price of the asset skyrocketed.

The value of the 19.72 million tokens the trader sold is now over $6 million, while the value of the token has increased to $0.3082. This represented a massive 751.126% increase from the previous low of $0.00004076.

GOAT price – October 16 | Source: Trading Outlook

The latest incident is the latest in a long series of similar incidents. An investor who participated in the Book of Meme (BOME) presale in March sold BOME tokens too early. Even though they made over $100,000 in profit, they missed out on $1 million in earnings.

In August, another trader made a profit of nearly $400 in 20 minutes by selling Sundog (SUNDOG) tokens. However, this turned out to be a premature decision as the value of the tokens increased to $2 million a day later.