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An early adopter of the Dogwifhat meme coin exchanged their 8.18 million holdings for approximately $142,000 in Solana, preceding a potential fortune of $23.2 million as the token’s value skyrocketed.
Lookonchain said the investor initially acquired the Dogwifhat (WIF) tokens for a mere $1,170 in Solana. They capitalized on the market just five days after Dogwifhat began trading.
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
The investor struck gold when the value of WIF surged, opting to liquidate their investment for 2,031 Solana, netting a tidy profit of around $142,000.
WIF’s valuation has since soared, marking a tenfold increase since its debut on trading platforms such as Binance. On March 14, WIF peaked, reaching an impressive $3.45 per token, according to CoinMarketCap data. This is a significant leap from its $0.15 trading price in December 2023.
Dogwifhat has rapidly ascended to the fourth position in the meme coin market hierarchy, trailing behind titans like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). Its market cap ballooned by over 40% in just 24 hours.
Had the investor held onto their tokens a bit longer, they might have cashed out with a staggering $23.2 million when the token neared its all-time high.
This narrative mirrors previous incidents where meme coin enthusiasts have reaped massive profits. In one notable instance, an investor’s $1,800 bet on WIF ballooned to $11 million. Another fortunate trader’s 2.58 million WIF stake swelled to a $4.12 million jackpot.
This surge in meme coin valuations arrives amid a renewed fervor for DOGE, pushing its market cap to the $25 billion mark. Consequently, meme coins launched in late 2023 have seen substantial gains, rewarding early backers handsomely during the recent bullish trend in the cryptocurrency market.
