Dogwifhat Trader Could Earn $23 million But Only Got $142,000
The unknown trader spent $1,170 to buy 8.18 million Dogwifhat coins and then sold them for $142,000, which is now valued at $23.2 million.
Data from analytics platform Lookonchain shows that one unknown trader spent just over $1,000 to purchase 8.18 million Dogwifhat coins. When the Dogwifhat (WIF) exchange rate increased tenfold, the trader decided to sell the savings for 2,031 SOL, making a net profit of about $142,000.
The 8.18M $WIF this trader sold for 2,031 $SOL($142K) at 10x profit now worth 23.25M USD!
— Lookonchain (@lookonchain) March 14, 2024
He spotted $WIF 5 days after it opened trading and spent 20 $SOL($1,173) to buy 8.18M $WIF.
When $WIF increased 10x, he sold all $WIF for 2,031 $SOL($142K), making 2,011 $SOL($141K).
If… pic.twitter.com/vOTQTlcKu3
The listing of memecoin on major exchanges such as Binance allowed Dogwifhat to grow significantly and reach an all-time high of $3.45. Thus, Dogwifhat quickly became the fourth most capitalized coin in the memecoin sector after Dogecoin (DOGE), Shiba Inu (SHIB) and Pepe (PEPE).
The coin has reached an all-time high, which would have given an early investor a chance to make $23.2 million if he waited just a little bit longer.
Previously, another trader was able to earn over $11 million on Dogwifhat, gradually realizing profits as the token reached new heights.
A trader bought 5.1M $WIF with only a cost of $1,749 on Nov 30 and has held it to now, which is now worth $10.9M!
— Lookonchain (@lookonchain) March 8, 2024
This trader tried to limit sell $WIF on #Jupiter, but the order was not filled due to the high limit price.
So he canceled the limit order and transferred $WIF to… pic.twitter.com/eCRkN8DZBU
Memecoins are becoming the new trend in the cryptocurrency market lately, with holders benefiting from the bullish movement. However, this asset class is not backed by any utility and is considered the most volatile and risky. Investors should exercise caution when making decisions.
