Crypto trader instantly loses $450,000 in minutes 
Cryptocurrency Oct 24, 2024 Share
A cryptocurrency trader’s bet on the newly created ANT by Claude (ANT) meme coin ended in capitulation, with the investor losing close to $500,000 in less than an hour.
The transaction involving Solana (SOL) was recorded on the Raydium automated market maker (AMM) platform, specifically on the ANT/SOL trading pair.
In this transaction, the trader spent 3,396 SOL, roughly $587,000, to acquire 14.7 million ANT tokens.
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However, 40 minutes later, the same trader offloaded the entire position for only 773 SOL, worth roughly $134,000, according to data retrieved by Finbold from on-chain analysis platform Lookonchain on Thursday, October 24.
This rapid sell-off resulted in a total loss of 2,623 SOL, amounting to around $454,000.
ANT/SOL trading pair on Raydium. Source: Dex Screener
Catalysts of ANT’s investor interest
Due to its unique creation story, ANT initially caught the attention of meme coin enthusiasts. The token traces its origin to artificial intelligence, emerging as the first coin launched on Solana through AnthropicAI’s latest Claude feature, which allows the generative AI technology to use the computer the way people do.
Interestingly, this is not the only meme coin tied to artificial intelligence. As reported by Finbold, the SLOP token also saw increased interest, mainly stemming from the fact that the coin’s emergence was initiated by Namshub, an AI agent built on Glif’s new bot layer by developer Fabian Stelzer.
The losses come at a time when ANT has experienced a notable sell-off. While there is no concrete driver for this downturn, it can be deduced that the coin was caught up in the inherent volatility associated with meme coins.
Yes, we sadly went from 25m to 5m
But check who holds them? If these whales are still in, why aren't you? Maybe they know something about $ant
Idk but worth the R:R here at the last support pic.twitter.com/LLTDz3D1Nd
— slayphin.web3 (@slayphin) October 24, 2024
As of press time, ANT was trading at $0.004688, with a market capitalization of almost $4.6 million. The market capitalization peaked at $25 million at one point before the significant correction.
ANT meme coin metrics. Source: Solscan
Growing interest in meme coins
ANT is among millions of meme coins created on the Solana blockchain through the Pump Fun platform, which facilitates a seamless crypto creation process.
To this end, meme coin enthusiasts have emerged, constantly searching for newly created tokens amid a growing trend of investors reaping millions from strategic investments.
Regarding Pump Fun, Goatseus Maximus (GOAT) is a standout meme coin from the platform. Its rally was aided by social media activity and an artificial intelligence chatbot.
As a result, GOAT has produced millionaire investors, while others missed out on windfalls by exiting their positions too early.