A Solana trader made an enormous profit on Sad Hamster (HAMPY), a meme coin on the Solana blockchain. The twist came when it came time for the trader to cash out—he could not.
The trader took to Reddit for help from Solana developers, blaming his inability to cash out on Solana’s recent network congestion.
Tom Crown, a crypto YouTuber, took the matter to Twitter, where it quickly became apparent that the trader had invested his money in a memecoin that later raked the community down.
The fake version of the real Sad Hamster (HAMMY) lacks enough liquidity for the trader to close his position and make a profit.
Other crypto users responded to the thread with their opinions, bashing Solana and promoting their preferred chains.
The trader had taken out a loan to risk on meme coins and is now unsure how he will repay the loan.
Solana is Congested, But It’s Not to Blame
The trader using the pseudonym ‘Digirope’ must accept that his funds are gone.
While it is true that the Solana network has been experiencing heavy congestion, the traffic had nothing to do with the trader being unable to cash out.
According to Digirope, he could not sell his bag of tokens even at 30% slippage. Such cases require proper due diligence among investors before investing in any crypto project.
During the bull market, Solana experienced over 5,000 new token launches daily, with 99% being scams. Digirope just fell victim to one of them.
Some users have also encouraged the trader to keep his bag since it may gain value in the future. However, this is highly unlikely.
The network congestion on Solana has affected many dApps, including Jupiter Exchange. In addition, other traders sniping tokens could not exit positions quickly and incurred losses.
Solana users are seeking the immediate intervention of its developers to tackle the situation.
