How This Trader Turned $310 Into Almost $1.5 Million Trading Solana Meme Coins

TL;DR

• Solana’s meme coin WIF hit a brand new ATH, delivering substantial income to early buyers.
• Regardless of the numerous features, the meme coin sector hides its dangers, and buyers must be additional cautious when coming into it.

Making Multi-Million Income in Mere Months

The cryptocurrency market has not too long ago exploded, with Bitcoin (BTC) reaching nearly $57,000 (a worth final noticed on the finish of 2021). 

A number of altcoins, together with not too long ago emerged meme cash, are additionally nicely within the inexperienced, skyrocketing to unseen peaks. One instance is dogwifhat (WIF), whose worth has soared by roughly 50% on a each day scale, hitting an all-time excessive of $0.55 (per CoinGecko’s information).

The asset’s upswing has benefited merchants who purchased in its early days. In accordance with Lookonchain, one one that bought 2.58 million WIF tokens with solely $310 value of Solana (SOL) at present sits on paper income of roughly $1.4 million. 

The blockchain analytics platform revealed one other case wherein a “sensible dealer” had spent 14,000 SOL ($1.54 million) to purchase 4 million WIF since February 16. Because of the meme coin’s worth appreciation, the present unrealized revenue has swelled to $582,000.

The identical dealer beforehand bought 3.98 million WIF for five,000 SOL and later offered the stash for six,443 SOL, gaining round $150,000.

WIF’s Fast Progress

The Solana-based meme coin got here into existence on the finish of 2023 and shortly captured the eye of trade contributors attributable to its exponential worth surge. It skyrocketed from a mere $0.002 in mid-December to over $0.30 on the finish of the month.

The meme coin additionally grew to become fairly well-liked on social media platforms, resembling X. Even Arthur Hayes, the co-founder of BitMEX, tweeted about WIF, jokingly posting a photograph of him sporting a hat (referring to the token’s identify and emblem).

Regardless of the substantial rally, merchants ought to remember that coping with dogwifhat (and meme cash on the whole) may very well be dangerous attributable to their large volatility. These prepared to dive deeper into the matter can check out our devoted video under: