This Solana (SOL) Meme Coin Destroys Portfolios: Details

A Solana-based meme coin SLERF is not showing performance similar to WIF, PEPE or even SHIB. Meme coins are known for their wild price swings and often move up, driven by fear of missing out (FOMO). SLERF seems to be following this pattern but not bringing any profits.

After losing a staggering 6,039 SOL (worth about $1.15 million), this trader sold all their SLERF holdings at a loss. Not learning from the painful hit, they moved their remaining SOL to Binance. Just the day before, the same investor had experienced a loss of 2,793 SOL by buying SLERF with $1 million worth of SOL.

This #FOMO buyer sold all $SLERF at a loss of 6,039 $SOL($1.15M) again.

Then he deposited all his $SOL to #Binance and may no longer trade #MEMEcoins.https://t.co/ubHQwYoM54 pic.twitter.com/RIJkDF103C

— Lookonchain (@lookonchain) March 21, 2024

When SLERF’s price jumped again, the FOMO bug bit, leading the trader to purchase three million SLERF at $1.17 each, costing a whopping 19,133 SOL ($3.52 million). You probably will not be wrong if you guess that this endeavor did not end up profitable either.

It is important to understand that meme coins are incredibly high-risk due to their nature. They often start as a joke and lack the fundamental backing. The majority of meme coin investors who see returns are usually those with insider information, like creators, or those using automated trading programs that can jump in and out of trades much faster than humans, like MEV bots or snipers.

For the average investor, jumping into meme coins can often lead to significant losses, especially newer ones, with no liquidity whatsoever. While there are stories of meme coin millionaires, they are the exception, not the rule.

It is wise to tread carefully in the meme coin space. SLERF’s track record shows that it can be a portfolio destroyer, and getting involved without a solid strategy or inside knowledge could be a setup for a disaster.

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