In a smart move between December 13 and 15, an opportunistic crypto trader delved into the newly launched Dogwifhat (WIF) tokens, a meme coin within the Solana network. Lookonchain, a blockchain analytics firm, reveals that the trader scooped up over 19 million WIF tokens at an average price of $0.01137.
At present, the cumulative value of these tokens stands at approximately $1.69 million, marking a staggering $1.47 million in profits in less than a week.
Solana-based meme coins have been surging recently
This impressive feat comes as the Solana network experiences a renewed surge of interest, particularly in meme coins affiliated with the blockchain. On December 8, Bonk (BONK), another dog-themed meme coin, claimed the position of the third-largest meme coin by market capitalization. This elevation placed it alongside the likes of Shiba Inu and Dogecoin, even surpassing Pepe Coin, a frog-themed meme coin.
Bonk’s rise is evident in its price surge of 584% in the 30 days leading up to December 11, leaping from $0.0000028 to $0.0000192 at the time of reporting. Notably, Bonk outpaced the growth of fellow dog meme coins SHIB and DOGE, which registered comparatively modest gains of 20% and 35%, respectively, during the same period.
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The Bonk phenomenon also triggered a ripple effect, influencing sales of Solana’s Saga mobile phone. The launch of the phone came with an enticing 30 million airdrop of the Bonk memecoin. Capitalizing on the rising token prices, Saga phone owners seized the opportunity to not only benefit from the airdrop but also to turn a profit by selling the acquired tokens.
As meme coins within the Solana network continue to capture the imagination of crypto enthusiasts, the recent success story of the WIF trader adds another chapter to the narrative of the increasingly dynamic and unpredictable world of meme-based cryptocurrencies.