$SMOLE Token: Crypto Trader Yields 18,986 SOL With This New Solana Memecoin

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Crypto trader recently made a lot of money by playing their cards right with the SMOLE token, a new Solana meme coin created by visual artist Dekadente. The trader, seizing the moment, invested 18,460 SOL to purchase 22.21 billion SMOLE tokens. This massive transaction took place barely a second after SMOLE started trading. After that, the investor quickly and strategically sold their SMOLE holdings for an amazing 37,446 SOL in just 15 minutes. The quick turnaround generated a profit of 18,986 SOL.

SMOLE’s launch began with raising 169,982 SOL during its presale, which is the largest any Solana meme coin has ever raised. The token’s availability for trading was made possible today through its listing on the crypto exchange HTX, Bitrue, XT.com, Gate.io and few more.

Solana’s memecoins have been seeing some massive gains, caused by a wider upswing in the crypto market that has seen Bitcoin, Ethereum and nearly all altcoins on a bull run. At the time of writing, the total market capitalization of Solana memecoins has increased by 2.1% in one day, reaching a value of $6 billion.

Interestingly, Anatoly Yakovenko, co-founder of Solana, has expressed concern over the community’s current intense focus on memecoins, saying there is the need for a more balanced approach to investing in crypto.

Moreover, high demand periods caused by these meme coins have caused Solana congestion problems, making it hard to distribute the tokens to investors. This congestion has made it impossible to initiate the token’s airdrop.

To fix this problem, 0xDekedente suggested that the token launch happen first and then the airdrop right after. This idea is meant to get around the network slowdown so that the airdrop can happen immediately when the network conditions improve.  An online poll has shown the community’s preference for launching the token first, delaying its availability for those who participated in the pre-sale.