An unknown trader spent about $1,170 in Solana to buy 8.18 million Dogwifhat tokens and then sold them for $142,000, which is now valued at $23.2 million.
Lookonchain analysts say the investor purchased tokens five days after the trading began. When Dogwifhat (WIF) grew tenfold, the trader decided to sell the savings for 2,031 Solana (SOL) tokens, worth about $142,000, for a net profit of approximately $141,000.
The 8.18M $WIF this trader sold for 2,031 $SOL($142K) at 10x profit now worth 23.25M USD!
He spotted $WIF 5 days after it opened trading and spent 20 $SOL($1,173) to buy 8.18M $WIF.
When $WIF increased 10x, he sold all $WIF for 2,031 $SOL($142K), making 2,011 $SOL($141K).
If… pic.twitter.com/vOTQTlcKu3
— Lookonchain (@lookonchain) March 14, 2024
Since listing WIF on exchanges, including Binance, the asset has grown tenfold. On March 14, it reached a new all-time high, approaching $3.45, according to CoinMarketCap. For comparison, in December 2023, it was trading around $0.15.
According to CoinGecko, Dogwifhat has become the fourth meme coin by market capitalization, after giants such as Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE). Over the past 24 hours, the asset has grown by more than 40%.
Source: CoinMarketCap
The trader could have earned $23.2 million by selling tokens near an all-time high by holding the asset for several months.
This is not the first time investors have made large sums from meme coins. Earlier, analysts drew attention to a trader who turned an investment in WIF of $1,800 into $11 million.
A trader bought 5.1M $WIF with only a cost of $1,749 on Nov 30 and has held it to now, which is now worth $10.9M!
This trader tried to limit sell $WIF on #Jupiter, but the order was not filled due to the high limit price.
So he canceled the limit order and transferred $WIF to… pic.twitter.com/eCRkN8DZBU
— Lookonchain (@lookonchain) March 8, 2024
Another WIF trader purchased 2.58 million WIF, bringing his total profit to $4.12 million.
The growth of meme coins coincided with another wave of popularity for DOGE — its capitalization has reached $25 billion. As a result, new meme coins, launched in late 2023, before the start of the bull period in the crypto market, are generating significant returns for early investors.
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