Trader gambles $226K on Solana memecoin, hits $1.69M in 5 days

The Solana memecoin frenzy continues as a trader turns $226,000 into well over $1.6 million by gambling on a token with a beanie-wearing dog as its mascot.

Between Dec. 13 and 15, a crypto trader bought over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, as it debuted on the markets within the Solana network. According to blockchain analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the tokens’ total value hovers at around $1.69 million, making the trader about $1.47 million in profits within five days.

Thanks to the token $WIF, this trader turned $226K into $1.69M in 5 days.

This trader bought 19.86M $WIF between Dec 13 and 15 at an average price of $0.01137.

The 19.86M $WIF is now worth $1.69M, making ~$1.47M in 5 days.https://t.co/7QxZwvbzBA pic.twitter.com/xsBBOivbhW

— Lookonchain (@lookonchain) December 18, 2023

As a new wave of interest hits the Solana ecosystem, memecoins based on the network have started to deliver massive gains. On Dec. 8, a dog-themed memecoin called Bonk (BONK) became the third-largest memecoin by market capitalization, joining fellow dog-themed memecoins Shiba Inu and Dogecoin in the top three and overtaking Pepecoin, the frog-themed memecoin.

Bonk’s price jumped by 370% in the 30 days leading to Dec. 11, going from $0.0000028 to $0.00002 at the time of writing. The token outpaced the growth of fellow dog memecoins SHIB and DOGE, which grew 20% and 35% in the same period.

The hype surrounding Bonk also increased sales of Solana’s Saga mobile phone. Since its launch, Solana Saga phone owners received a 30 million airdrop of the memecoin. With the token price rising, users grabbed the opportunity to profit by buying the phone and selling the tokens.

Source: https://cointelegraph.com/news/trader-gambles-226k-solana-memecoin-1-69m-five-days