Solana (SOL) is experiencing praise and critique as it experiences extreme highs and lows. Despite successes, the ecosystem faces hurdles and constant inspection, bringing acclaim and criticism.
Despite Solana’s $2 billion trading volume in April, the network had a 72% transaction failure rate, worrying investors and experts.
A new meme currency dubbed CoolCoin (COOL) has joined the fray, only to be affected by fraud. Lookonchain, an on-chain analytics startup, reports that a “sniper/insider” dumped COOL tokens on unwary investors. This insider earned $1.68 million in an hour with a large percentage of COOL tokens worth over $20 million.
Lookonchain warned, “Don’t buy when snipers/insiders are dumping MEMEcoins on you, or you’ll lose heavily as this trader did!”
Two wallets, perhaps the same, withdrawn monies from the MEXC exchange and used 35.4 SOL ($5,000) to buy 574.27 million COOL tokens.
Lookonchain tracked the sale of 22.81 million COOL tokens for 11,896 SOL (roughly $1.69 million) across five addresses.
As another trader lost $152K in 30 minutes, investors should avoid similar frauds. This person spent 1,600 SOL on COOL tokens but sold them for 532.58 SOL. This episode highlighted the hazards of meme coin frenzies and market opportunists.
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