A trader achieved a significant profit trading Dogwifhat (WIF), a Solana-based meme coin, according to a recent Lookonchain analysis. With an initial investment of 5.288 SOL ($310) for 2.58 million WIF, the trader sold 750K WIF for 9,363 SOL ($1.21M) at a peak price of $1.61. Still holding 1.83 million WIF, valued at approximately $2.91 million, their total profit has reached an impressive $4.12 million, a 13,307 times increase from the initial investment.
The surge in WIF’s value comes amidst a broader rally in meme coins, with Dogwifhat experiencing a 300% gain in the last week alone. This significant price movement has enabled traders to realize multi-million dollar profits in a relatively short span. The price of WIF recently hit $1.25, further emphasizing the token’s growing market interest.
Further insights from Arkham Intelligence highlight the activities of another trader, known as onchainclown, who achieved a 33,000% return on his Solana investment by trading various meme coins, including Dogwifhat. With a modest initial investment of 102 SOL (around $6,000), onchainclown’s strategic trades in WIF have resulted in a total profit of $2 million, reflecting a more than 330 times return. This includes a significant gain from buying 102 SOL worth of WIF, approximately 2.6% of its total supply shortly after its launch, and selling portions for a profit of about 9,140 SOL ($880,000).
The interest in Dogwifhat extends beyond individual traders. A notable transaction saw a whale purchasing 1.49 million WIF for 9,999 SOL ($1.34 million), indicating sustained whale interest and the potential for continued market dynamics shifts. This investment comes at a time when Dogwifhat’s visibility and accessibility are increasing, as highlighted by Robinhood’s recent decision to support WIF, among other cryptocurrencies.
Amidst this memecoin frenzy, other dog-themed cryptocurrencies like Shiba Inu and Dogecoin have also seen substantial gains. Shiba Inu’s price jumped 52.85% in the last 24 hours, while Dogecoin experienced an 18% increase, further fueled by the market’s bullish sentiment towards dog-themed tokens.
Dogwifhat itself has made significant strides, reaching an all-time high of $1.77 and becoming the third-largest dog token by market capitalization. Currently ranked 58th among cryptocurrencies, WIF’s market value stands at $1.74 billion, underscoring its rapid ascent.
