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Sunday, July 21, 2024

Bull Market Things: How This Trader Turned $310 Into Almost $1.5 Million Trading Solana Meme Coins

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TL;DR

  • Solana’s meme coin WIF hit a new ATH, delivering substantial profits to early investors.
  • Despite the significant gains, the meme coin sector hides its risks, and investors should be extra cautious when entering it.

Making Multi-Million Profits in Mere Months

The cryptocurrency market has recently exploded, with Bitcoin (BTC) reaching almost $57,000 (a price last observed at the end of 2021).

Multiple altcoins, including recently emerged meme coins, are also well in the green, skyrocketing to unseen peaks. One example is dogwifhat (WIF), whose value has soared by approximately 50% on a daily scale, hitting an all-time high of $0.55 (per CoinGecko’s data).

WIF Price, Source: CoinGecko

The asset’s upswing has benefited traders who bought in its early days. According to Lookonchain, one person who purchased 2.58 million WIF tokens with only $310 worth of Solana (SOL) currently sits on paper profits of approximately $1.4 million.

The blockchain analytics platform revealed another case in which a “smart trader” had spent 14,000 SOL ($1.54 million) to buy 4 million WIF since February 16. Due to the meme coin’s price appreciation, the current unrealized profit has swelled to $582,000.

The same trader previously purchased 3.98 million WIF for 5,000 SOL and later sold the stash for 6,443 SOL, gaining around $150,000.

WIF’s Rapid Progress

The Solana-based meme coin came into existence at the end of 2023 and quickly captured the attention of industry participants due to its exponential price surge. It skyrocketed from a mere $0.002 in mid-December to over $0.30 at the end of the month.

The meme coin also became quite popular on social media platforms, such as X. Even Arthur Hayes, the co-founder of BitMEX, tweeted about WIF, jokingly posting a photo of him wearing a hat (referring to the token’s name and logo).

Despite the substantial rally, traders should keep in mind that dealing with dogwifhat (and meme coins in general) could be risky due to their tremendous volatility. Those willing to dive deeper into the matter can take a look at our dedicated video below:

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