A Solana-based maximum extractable value (MEV) bot netted the staggering sum by backrunning a trader when they purchased $8.9 million of the memecoin.
A Solana-based maximum extractable value (MEV) bot managed to rake in a staggering $1.7 million from a single questionable trade that occurred when a trader made a $9 million purchase of memecoin Dogwifhat (WIF) “in the most inefficient way possible.”
The maximum extractable value (MEV) bot, run by 2fast, swapped 703 Solana (SOL) for 490,000 WIF and then swapped that same amount of WIF into 19,035 SOL within the same transaction bundle, netting itself a profit of $1.73 million, according to Solscan data.
MEV bots are automated programs that scan blockchain networks to identify profitable trading opportunities and execute those orders automatically.
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Source: https://cointelegraph.com/news/solana-mev-bot-pulls-1-7-m-profit-from-a-single-dogwifhat-trade