An anonymous trader has made his fortune after investing in a Dogwifhat (WIF) meme coin that is run by Solana blockchain. On 26th November 2023, the trader only paid about $310 for those 2.58 million WIF tokens, equivalent to 5.288 SOL, and sold them today at a whopping $1.4 million for a return of over 451,000%.
A tweet from Lookonchain, a blockchain analytics platform, was the first source to report on the transaction, which also stated that this is one of those times when WIF has risen by 50% over the last day in the market, whereupon it commended the trader’s market timing and investment sense.
Dogwifhat is one of many meme coins in the crypto space that came about because of Dogecoin’s (DOGE) popularity, a coin that was originally just a fun thing but ended up being one of the top cryptocurrencies. This dog-wearing hat on its head is featured as the dogwifhat logo, which purports to be “the most sophisticated meme coin ever made.
However, unlike Dogecoin, which operates on its own blockchain, dogwifhat runs on Solana. It is a very fast and scalable chain, thus facilitating smart contracts and decentralized applications. WIF uses some of the functions in Solana, such as lower charges attached to transactions, large scale, and easy relationship with other blockchains so that people trading in it can do so without experiencing any problems.
Dogwifhat Surges: Price Hits All-Time High
Recently, Dogwifhat’s price and market cap have grown significantly, with more investors and traders investing in this coin due to its popularity. As per CoinMarketCap figures, WIF is now changing hands at $0.6267, representing a 46.77% gain over the past day and a 67.74% rise over the last month. Alongside that, it hit an all-time peak of $0.5699 today eclipsing its previous record of $0.6393 on Feb 27, 2024.
The Dogwifhat’s trading activity is up as well, implying the interest and enthusiasm from the market participants. WIF recorded a 24-hour trading volume of $150,883,220; which is an increase of 185.38% from yesterday. WIF has been listed on various platforms, including FTX, Serum, and Raydium, among others, where WIF can be purchased or sold using other cryptocurrencies.
Dogwifhat’s market capitalization has also grown a lot, increasing by 47.72% from yesterday to $626,107,560 today. In the world of cryptocurrencies, it is now the 117th in terms of market capitalization, overtaking many familiar and well-established coins like Decred (DCR), Zcash (ZEC), and Horizen (ZEN). Furthermore, Dogwifhat is about to cross half a billion dollars in market cap which is very impressive for a meme coin.
Dogwifhat’s impressive performance has attracted the attention of the cryptocurrency community worldwide, as many users are curious and amused by the meme coin’s success. Some users have expressed their admiration and envy for the trader who made $1.4 million with WIF, while others have speculated on the future potential and direction of the coin.
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