A Solana (SOL) trader is making waves on the crypto market with his strategic moves with Dogwifhat (WIF). The crypto market has been rallying since last week, and meme coins have been among the gainers. While coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have surged massively, Solana-based memecoin Dogwifhat has also garnered investors' interest.
Taking advantage of this market momentum, a Solana trader has managed to generate substantial profits with WIF. As reported by blockchain data tracker Lookonchain today, this trader spent only 5.288 SOL, equivalent to $310 at that time, to buy 2.58 million WIF tokens on Nov. 26, 2023.
As Dogwifhat skyrocketed in the past few days, the trader started selling his WIF holding for profits. Lookonchain reported that the Solana trader sold around 750K WIF coins at the price level of $1.61. The trader sold these coins for 9,363 SOL, valued at a whopping $1.21 million.
Despite this selling, the trader still holds 1.83 million WIF tokens, currently valued at around $2.91 million. According to Lookonchain, the Solana trader has made a total profit of a whopping $4.12 million, which translates roughly to a 13,307x gain on the initial investment of $310.
Dogwifhat rides meme coin wave
As previously mentioned, the meme coin market has been rallying with substantial price gains. According to data from CoinGecko, the meme coin market cap currently stands at $54.8 billion, a 20.8% increase in the last 24 hours. Moreover, the 24-hour trading volume has also surged, currently standing at $17.24 billion.
Riding on this wave, Dogwifhat has managed to generate substantial gains. As of this writing, the WIF price is $1.84, which is up 13.22% in the last 24 hours. Notably, the price is up a whopping 727.98% in the last 30 days, highlighting the astronomical price surge of the Solana-based meme coin.
Meanwhile, data from CoinGlass reveals that WIF has witnessed a remarkable surge of 10.95% in Open Interest in the last 24 hours. With the total Open Interest currently standing at $247.75 million, it reveals how traders have become bullish for WIF and how money has been entering the market. Overall, the Dogwifhat price is getting a major push from traders, and it appears that this bullish sentiment will prevail.