According to Arkham Intelligence, a savvy trader has capitalized on the Solana meme coin Dogwifhat (WIF) frenzy, generating 33,000% returns on his Solana investment.
In a new tweet, Arkham Intelligence spotlights onchainclown, a Solana trader who has traded dozens of meme coins over the past two months. The trader was able to turn $6,000 in SOL into millions in realized profit, growing his SOL investment by 330 times.
Onchainclown’s best performance so far has been on the coin WIF. The savvy trader made a buy-in of only 102 SOL, around $6,000 at the time, and is now up $2 million in total profit as WIF surpasses the $1 billion market capitalization.
The Solana trader bought WIF around two weeks after it was deployed on-chain, managing to acquire 2.6% of the supply. Two months after the purchase, he gradually sold off his WIF, generating gains of approximately 9,140 SOL or $880,000.
The trader still holds significant amounts of WIF across his accounts for a total profit of $2 million, representing a return of more than 330x on his initial investment of 102 SOL.
Dogwifhat, a dog-themed meme coin released on the Solana blockchain over three months ago, has emerged as the clear winner of the latest rally.
WIF reached a remarkable all-time high of $1.77 in today's trading session, overtaking tokens such as Floki (FLOKI) to become the third largest dog token behind Dogecoin and Shiba Inu. WIF has joined the top 100 cryptocurrencies by market capitalization, ranking 58th with a market value of $1.74 billion.
The market for dog coins has expanded rapidly since the beginning of March 2024. At the time of writing, WIF had risen 37.92% in the previous 24 hours to $1.75. The token has increased by 438.69% in the last seven days. Speculations that Dogwifhat has been quietly listed on Robinhood's European crypto trading platform have also contributed to its weekly price increase.