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An investor who bought into Solana meme coin Dogwifhat (WIF) during its early stages missed out on a whopping $28.8 million fortune after selling the investment for a $142,000 in SOL.
The investor still realized a substantial profit after paying just $1,170 for 8.18 million WIF tokens five days after it started trading. After the tokens spiked, they were sold for 2,031 SOL worth about $142,000 at the time, said on-chain tracking platform Lookonchain.
The Dogwifhat Price Soars To New ATH
The Dogwifhat price soared to a new all-time high (ATH) of $3.53 over the past 24 hours. It has since retraced 20% to trade at $2.98 as of 5:30 a.m. EST, according to CoinMarketCap data.
If the investor had held onto the investment until WIF reached its ATH, its value would have exceeded $28.8 million. Even with the latest correction, the WIF purchase would still be worth over $24.3 million.
The 8.18M $WIF this trader sold for 2,031 $SOL($142K) at 10x profit now worth 23.25M USD!
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
— Lookonchain (@lookonchain) March 14, 2024
Another investor who bought into the Solana meme coin during its early days was a lot luckier. In a Feb. 27 X post, Lookonchain revealed that a trader spent only 5.288 SOL, worth around $310, to buy 2.58 million WIF tokens on Nov. 26, 2023.
The trader who spent only 5.288 $SOL($310) to buy 2.58M $WIF ($4.1M currently) started to sell $WIF for profits at the highest price.
He sold 750K $WIF for 9,363 $SOL($1.21M) at $1.61, with 1.83M $WIF ($2.91M) left.
The total profit is $4.12M(13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd
— Lookonchain (@lookonchain) March 4, 2024
The investor started cashing out some of the WIF tokens when the meme coin’s price reached around $0.5435, pushing the value of the holdings to $1.4 million.
Lookonchain shared an update on this investor on Mar. 4, and said the trader sold another 750k WIF for $1.21 million when the meme coin’s value stood at $1.61. If the investor has not sold any more WIF since then, the 1.83 million token would be valued at more than $5.45 million at current prices.
WIF Becomes The Fourth Biggest Meme Coin
Since scoring a listing on Binance, WIF has climbed up the crypto meme coin ranks. It managed to overtake dog-themed FLOKI in market cap to become the fourth biggest meme coin, placing it behind crypto elites Pepe (PEPE), Shiba Inu (SHIB), and Dogecoin (DOGE).
Currently, WIF’s market cap stands at over $2.9 billion, while FLOKI’s valuation is approximately $2.38 billion. There is also the possibility that Dogwifhat will surpass PEPE, given that the gap between their respective market caps is less than $1 billion.
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