The start of March finally brought meme coins fully into the ongoing cryptocurrency bull market as they accounted for 5 out of 7 of the biggest weekly gainers.
While the more recognizable – and mostly dog-themed – cryptocurrencies and last year’s arrival and biggest mover at the time – Pepe (PEPE) – took the bulk of the attention, a lesser-known meme coin on the Solana (SOL) blockchain was responsible for some of the rally’s most impressive new millionaires.
On November 30, 2023 – near the launch of the meme coin – one crypto trader bought 5.1 million Dogwifhat (WIF) for $1,749 and has held it since. WIF’s staggering rise – in total amounting to more than 1,200% – means that the trader has successfully turned the $1,749 investment into a staggering $11.2 million.
The trade has, however, seemingly proved somewhat troublesome for the prospecting investor. They already attempted to offload their Dogwifhat on Jupiter but failed due to the overly high sell limit order, according to information shared by Lookonchain on X.
Instead, the trader has started moving the immense quantity of WIF to new wallets.
The most recent 24 hours have, however, reignited a strong uptrend, and Dogwifhat rose 26.81% to $2.22.
Is more meme coin excitement to come?
Historically, enthusiastic crypto markets have brought significant rises – and abrupt falls – to various meme coins, and the ongoing rally has its fair share of candidates for massive price spikes.
SOL’s main meme coin – Bonk (BONK), for example, while not performing as strongly as WIF, is poised for a major bull run as many traders will likely speculate that the announced second Solana mobile phone could again give it a massive boost through another odd arbitrage opportunity.
Finally, some crypto experts now believe that the oldest of the pack – Dogecoin (DOGE) – might surge toward $1 in April as its recent movements mimic those observable prior to its previous bull runs.
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