An astute trader is reaping the benefits of a Solana-based memecoin, which has surged 51 times in value this year, according to data from Lookonchain, a blockchain tracking firm. The trader, who purchased dogwifhat (WIF) in December 2023, has seen a staggering gain of 118,967% by strategically selling the memecoin as its value skyrocketed. The trader initially spent $5,879 to acquire 6.1 million WIF, which is now worth $23.7 million. By progressively selling 4.7 million WIF, the trader has made a profit of $1.57 million. Currently, the trader still holds 1.4 million WIF, valued at $5.47 million, resulting in an overall profit of approximately $7 million, a remarkable gain of 1,197 times the initial investment.
On January 10th, WIF was trading at $0.069 and is currently valued at $3.53, representing a gain of over 51 times. Lookonchain also reported that another trader has unrealized profits in the six-figure range. This trader recently acquired nearly 119,000 MAGA (TRUMP) memecoins, which drew inspiration from former President Donald Trump’s political persona. The trader used 1.15 million USDT to purchase 118,671 TRUMP coins at an average price of $9.69 over the past two weeks. Currently, the trader has an unrealized profit of $540,000 from TRUMP.
Furthermore, Lookonchain revealed that an enterprising trader has generated a combined profit of $41.38 million by trading WIF along with two other memecoins: Jeo Boden (BODEN), inspired by US President Joe Biden, and Bonk (BONK). The trader sold all 539,558 WIF for 11,708 SOL, equivalent to $2 million, at a price of $3.70 on May 28th. The profits from WIF amount to $24.1 million, while BODEN and BONK contributed $11 million and $6.28 million, respectively.
Currently, BONK is trading at $0.00003445, experiencing a 6.6% decline in the last 24 hours. Meanwhile, BODEN is valued at $0.30, reflecting a 3.5% decrease for the day.
It is important to note that the opinions expressed at The Daily Hodl are not investment advice, and investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.
