- One trader turned $5,000 into millions with dogwifhat (WIF).
- The trader accumulated millions of dollars in WIF in November last year.
- The trader would have made $69 million if he had sold WIF when it was at an all-time high four months ago.
Millions of dogwifhat (WIF) tokens were sold from multiple cryptocurrency wallet addresses suspected to belong to a single individual, generating a 4,497x profit on Mimecoin.
This development comes amid a broader market downturn that has seen WIF plunge more than 35% in the past week and more than 12% in the past 24 hours. At the time of writing, WIF is down 66% from its all-time high of $4.85 four months ago.
WIF Trader Makes Millions in 8 Months by ‘HODLing’
According to blockchain analytics platform Lookonchain, the trader bought 14.53 million WIF tokens on November 30th last year at $5,340 and held onto the tokens for around eight months despite market headwinds.
Between August 2nd and 3rd, the trader sold all of the tokens at around $1.85 per coin, making a whopping profit of $24 million. If the trader had sold the tokens when WIF was trading at $4.85, the profit would have been 12,927 times greater, or around $69 million.
WIF has been on a downward trajectory since the sell-off, but looking at previous price movements, it appears that trader actions have had little impact on the token’s value. The sell-off came after WIF plunged 16% the day before, and has already been in a long-term downtrend since last month.
The token missed the long-anticipated rally that came from a previous bullish double bottom pattern, which likely prompted traders to sell for profit. WIF was trading at $1.61 at the time of writing.
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