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A story of a million-dollar loss in Solana: Cooker.hl and the PENGUIN
A story circulating on Solana’s networks reflects one of the most common dilemmas in cryptocurrency trading: timing. Cooker.hl experienced this firsthand when making a trade that theoretically should have been profitable but ended up costing him literally millions in unrealized gains.
The initial trade: A cautious investment in PENGUIN
At a certain point, Cooker.hl invested 6 SOL (approximately $867 at that time’s exchange rate) to acquire 16.5 million PENGUIN tokens. The purchase seemed reasonable: a modest investment in an emerging currency within the Solana ecosystem, typical of many traders seeking opportunities in smaller projects. However, the direction the trade took would change the perspective on what it means to “take profits.”
The premature sale: Only $18 in profit
What happened next is the part that defines this story. Cooker.hl decided to liquidate all 16.5 million PENGUIN, receiving 6.12 SOL ($886 at that period). Technically, the trade generated a profit: an additional 0.12 SOL, which was just about $18 in utility. A tiny gain that seemed to justify closing the position.
The real cost of timing: When the market moves without you
What makes this a true cryptocurrency story is what happened afterward. Those 16.5 million PENGUIN tokens that Cooker.hl sold for just $18 in profit were significantly revalued. According to later data, the same amount reached a peak value of approximately $1.4 million.
Today, with current prices of Solana (SOL at $115.87) and PENGUIN (at $0.07), it’s possible to analyze what would have happened if the decision had been different. It’s not just about a coin that “went to zero,” but about a project that experienced a substantial revaluation, turning what was a conservative decision into what many would consider the trader’s biggest regret.
This story encapsulates the essence of risk in crypto: timing is not just about when to buy, but also about when to sell. And sometimes, the pressure to secure a small profit can result in missing out on exponentially larger opportunities.