Crypto Trader Makes $1.47 Million in 5 Days Thanks to New Solana-Based Memecoin Dogwifhat

A cryptocurrency trader has managed to turn $226,000 worth of the Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) after the price of the cryptopcurrency surged by more than 8,000% over the last 30-day period, outperforming the wider cryptocurrency market.

According to available data the cryptocurrency’s price has climbed from a hundredth of a penny to around $0.19 at the time of writing as its adoption seemingly grows after a collection of 550 Dogwifhat Solana non-fungible tokens (NFTs) launched earlier this month, with the cheapest item of the collection now selling for over 13 SOL tokens.

On-chain analysis service Lookonchain has revealed that one cryptocurrency trader who bet $226,000 into the cryptocurrency has managed to turn a profit of $1.47 million in just five days to now have a stash of over $1.69 million.

The $WIF token has been outperforming the wider cryptocurrency market and even rival Solana-based memecoin $BONK which surged more than 600% over the last 30 days and is now up more than 1,900% so far this year.

$BONK’s sudden surge saw the Solana Saga smartphone, which once faced sluggish sales, sell out thanks to an included 30 million $BONK airdrop, which at its high was woth more than the smartphone itself.

This disparity has sparked a surge in sales, with the Saga phone’s sales figures multiplying more than tenfold in just 48 hours. Solana co-founder Raj Gokal confirmed this dramatic increase, which has seen the phone sell out. On eBay, the phone has been selling for over $5,000.

The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.”

Earlier this year, $BONK moved to burn a total of 5 trillion tokens that were allocated to them, at a time in which the digital asset’s price was dropping after moving up significantly after launch.

Featured image via Unsplash.