A shrewd trader has profited off the Solana meme coin Dogwifhat (WIF) mania, collecting 33,000% profits on his Solana investment, according to Arkham Intelligence.
Arkham Intelligence highlights onchainclown, a trader from Solana who has exchanged several meme currencies in the last two months, in a recent tweet. The trader increased his SOL investment by 330 times by turning $6,000 in SOL into millions in realised profit.
WIF has been Onchainclown’s highest performing currency thus far. With just 102 SOL, or about $6,000 at the time, the astute trader gained $2 million in total profit when WIF surpassed the $1 billion market valuation.
https://x.com/ArkhamIntel/status/1763934991313244265?s=20
About two weeks after WIF was put on-chain, the Solana trader purchased it, gaining 2.6% of the total supply. He sold off his WIF progressively two months after the purchase, making profits of almost 9,140 SOL, or $880,000.
The trader has made a total profit of $2 million, more than 330 times his initial investment of 102 SOL, and he still has substantial sums of WIF in each of his accounts.
The overwhelming victor of the most recent increase is Dogwifhat, a joke currency with a dog theme that was introduced on the Solana blockchain more than three months ago.
In today’s trading session, WIF achieved an incredible all-time high of $1.77, surpassing tokens like Floki (FLOKI) to rank third in size among dog tokens, after Dogecoin and Shiba Inu. WIF, which is now ranked 58th with a market value of $1.74 billion, has entered the top 100 cryptocurrencies by market capitalization.
Since the beginning of March 2024, the dog coin market has grown quickly. As of this writing, WIF was trading at $1.75, up 37.92% over the previous day. Over the past week, the token has climbed by 438.69%. The weekly price gain of Dogwifhat has also been attributed to rumours that it has been surreptitiously listed on Robinhood’s cryptocurrency trading platform in Europe.
