Markets News Report
February 27, 2024

Anonymous Dogwifhat (WIF) Trader Bags $1.4M Profit Investing $310 as the Memecoin Surges 50%

In Brief

A WIF holder earned $1.4M riding on the memecoin’s recent price surge, initially investing 5.288 SOL or $310 to buy 2.58 million tokens.

Dogwifhat (WIF) Gains $1.4M, Initially Spending $310 as Memecoin Soars 50%

An anonymous holder of meme cryptocurrency Dogwifhat (WIF) earned approximately $1.4 million from the recent increase in its price. According to Lookonchain monitoring, a trader spent 5.288 SOL or $310 to buy 2.58 million WIF in November of last year, shortly after it debuted on the Solana blockchain‘s DeFi markets. 

WIF experienced an almost 50% increase over the last 24 hours, leading to the trader’s coins reaching a value of about $1.4 million. Consequently, amounding his profit to x4530. At the time of writing, WIF is trading at $0.5, as per CoinMarketCap data.

Launched last year, Dogwifhat is a memecoin on the Solana blockchain, characterized by a Shiba Inu dog wearing a hat. It is a token inspired by Dogecoin (DOGE) with an emphasis on community engagement through meme contests and charity events, rather than positioning itself as a serious financial investment.

Memecoins Surges and Slumps

Cryptocurrencies linked to memes, particularly those featuring the Shiba Inu dog breed, often experience significant value increases and may even endure. Another notable example — Solana’s memecoin, BONK — experienced an initial surge in price following its launch and a rapid decline afterwards.

Subsequently it was listed on  the cryptocurrency exchange Coinbase highlighting the potential for “playful” currencies to attract substantial attention and business opportunities. However, traders admit that achieving substantial profits through memecoin trades is often more reliant on luck than skill.

Last year, a trader experienced significant losses in a WIF transaction, spending 86,738.21 SOL (~$8.6 million) to acquire 15.92 million WIF, but incurring substantial losses primarily due to slippage. The trader executed the trade in a pool characterized by low liquidity, causing the order to be filled at an average rate of around $3 per coin, significantly higher than the prevailing market price of $0.13 at that time.

The volatile nature of meme cryptocurrencies highlights both the potential for substantial gains and the inherent risks associated with trading with these assets.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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