Crypto Trader Earns $1.47 Million in just 5 Days with New Solana-Based Memecoin Dogwifhat
A skilled cryptocurrency trader has managed to turn an investment of $226,000 into a staggering $1.69 million, thanks to the meteoric rise of Dogwifhat ($WIF), a meme-inspired cryptocurrency based on the Solana blockchain. Over the past month, the price of Dogwifhat has soared by over 8,000%, outperforming the wider cryptocurrency market.
Recent data reveals that the price growth of the cryptocurrency has been significant, with values climbing from fractions of a penny to around $0.19 per token. One key factor contributing to its popularity is the launch of a collection of 550 non-fungible tokens (NFTs) associated with Dogwifhat on the Solana network. Notably, the cheapest item from this collection is now valued at over 13 SOL tokens.
Using on-chain analysis, Lookonchain has identified one particular trader who allocated $226,000 into Dogwifhat. In just five days, this savvy trader has successfully generated a profit of $1.47 million, accumulating an impressive total of $1.69 million in assets.
Thanks to the token $WIF, this trader turned $226K into $1.69M in 5 days.
This trader bought 19.86M $WIF between Dec 13 and 15 at an average price of $0.01137.
The 19.86M $WIF is now worth $1.69M, making ~$1.47M in 5 days.https://t.co/7QxZwvbzBA pic.twitter.com/xsBBOivbhW
— Lookonchain (@lookonchain) December 18, 2023
The success of Dogwifhat has surpassed the performance of other cryptocurrencies, including the Solana-based memecoin BONK. BONK experienced a surge of over 600% in the past 30 days and has witnessed a remarkable 1,900% increase in value throughout the year. This sudden surge actually caused the Solana Saga smartphone, initially facing slow sales, to sell out due to a 30 million BONK airdrop included with the purchase. At its peak, the airdrop alone was worth more than the smartphone itself.
As a result, sales of the Saga phone multiplied more than tenfold within a 48-hour period. Raj Gokal, co-founder of Solana, confirmed the drastic increase in demand, leading to the device being sold out. The smartphone has even been listed on eBay for over $5,000.
The team behind Dogwifhat describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.” Earlier this year, BONK decided to burn 5 trillion of its allocated tokens, as the digital asset’s price was experiencing a decline after an initial surge upon its launch.
Featured image via Unsplash.