A crypto trader incurred massive losses after betting on dogwifhat (WIF), a prominent meme coin on the Solana (SOL) blockchain. In less than 24 hours, sbfonchain.sol sold the coins for 4.08 million USDC, losing $654,000 on the position.
Interestingly, the trader remained bullish on meme coins and, after closing their WIF position, immediately invested the remaining funds into other similar coins. The entity used 1 million USDC to buy 1.6 million CHILLGUY tokens, 500,000 USDC for 1.44 million Fartcoin, and 176K USDC for 2.6 million UBC.
Meme Coin Market Overview
The meme coin sector is worth approximately $121 billion, with $25.3 billion in trading volume over the past 24 hours. Dogecoin (DOGE) and Shiba Inu (SHIB) lead the industry, with market capitalizations of $57.4 billion and $14.5 billion, respectively.
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Notably, WIF ranks as the fifth-largest meme coin and 44th in the overall crypto market, according to CoinMarketCap data. The cryptocurrency gained popularity following the rise of Solana-based meme coin generator pump.fun and has seen substantial gains since.
WIF Price Analysis
WIF is trading at $3.07 at the time of writing, down 2.47% over the past 24 hours. The altcoin is 36.69% below its all-time high of $4.85, with a market cap of $3.07 billion. Over the past day, the digital currency reached a daily high of $3.14 and a low of $2.92.
Over the past seven days, WIF has fallen nearly 8%, but is up 26.54% over the past 30 days. The altcoin has surged 1725.98% since November 2023, briefly claiming the top spot among SOL-based meme coins. However, Bonk (BONK) has since surpassed WIF to take the lead.
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