Solana Meme Coin PENGUIN Traders Face $800,000 Losses

Four high-frequency trading addresses on the Solana blockchain have incurred significant losses while trading the meme token PENGUIN. These addresses, suspected to be operated by trading bots, engaged in wave-like buying and selling patterns, each handling approximately $3 million in transactions within the past 24 hours. Despite their high trading volumes, each address has suffered losses exceeding $800,000, placing them at the top of the historical loss leaderboard for PENGUIN.

PENGUIN’s price has been on a downward trend since January 28, plummeting over 78% from its peak. The token’s current market capitalization stands at approximately $39.1 million, with a price of $0.0391, marking a 12% increase in the last 24 hours. Investors are cautioned about the volatility of meme coins, which are heavily influenced by market sentiment and lack intrinsic value or use cases.