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.

Thanks to the token $WIF, this trader turned $226K into $1.69M in 5 days.

This trader bought 19.86M $WIF between Dec 13 and 15 at an average price of $0.01137.

The 19.86M $WIF is now worth $1.69M, making ~$1.47M in 5 days.https://t.co/7QxZwvbzBA pic.twitter.com/xsBBOivbhW

— Lookonchain (@lookonchain) December 18, 2023

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.

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