The Solana memecoin craze continues as a trader turned $226,000 into well over $1.6 million by gambling on the token using a beanie-wearing dog as its mascot.
Between December 13 and 15, a cryptocurrency trader purchased over 19 million tokens of Dogwifhat (WIF), a dog-themed memecoin, when it hit the market on the Solana network. Traders bought the token at an average price of $0.01137, according to blockchain analytics firm Lookonchain. The total value of tokens currently stands at around $1.69 million, giving traders a profit of around $1.47 million within 5 days.
thanks to the token $WIFThis trader turned $226K into $169M in 5 days.
This trader bought 19.86M $WIF The average price from December 13th to 15th was $0.01137.
19.86M $WIF It is currently worth $1.69 million and earned ~$1.47 million in 5 days. https://t.co/7QxZwvbzBA pic.twitter.com/xsBBOivbhW
— Lookonchain (@lookonchain) December 18, 2023
With a new wave of interest in the Solana ecosystem, network-based memecoins have begun to reap significant profits. On December 8, dog-themed memecoin Bonk (BONK) became the third-largest memecoin by market capitalization, joining fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three. It beat Pepecoin (PEPE). ), a frog-themed meme coin.
The price of Bonk surged 370% in the 30 days ending December 11, from $0.0000028 to $0.00002 at the time of this writing. The token has outpaced the growth of fellow dog memecoins SHIB and DOGE, which grew 20% and 35% over the same period.
Related: After the Ankr protocol was hacked, traders reportedly made profits of more than 5,000x.
The hype surrounding Bonk is also Solana Saga mobile phone sales increase. Since launch, owners of Solana Saga phones have received 30 million memecoin airdrops. As token prices rose, users took advantage of the opportunity to profit by buying mobile phones and selling tokens.
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