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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!
— Lookonchain (@lookonchain) March 14, 2024
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
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%.
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!
— Lookonchain (@lookonchain) March 8, 2024
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
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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