A trader looking to buy $9 million of a recently popular Solana memecoin, dogwifhat (WIF), lost $5.7 million of their funds to slippage as they placed a massive order in a pool with relatively low liquidity. $5.7 million of their funds were lost to “slippage” — the discrepancy in price that can occur when a trade is so large or a market is so illiquid that the trade itself impacts the asset price.Some have speculated that the trade might be an expensive marketing stunt to increase attention to WIF, which was losing some steam.I’ll give it to them: the token’s namesake is pretty cute. But not $9 million cute.

Total loss estimated at $5,700,000.