A Solana (SOL) trader is making waves in the cryptocurrency market with his strategic moves with Dogwifhat (WIF). The cryptocurrency market has been recovering since last week and meme coins have been among the winners. While coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have increased tremendously, the Solana-based memecoin Dogwifhat has also sparked investor interest.
A Solana (SOL) trader is making waves in the cryptocurrency market with his strategic moves with Dogwifhat (WIF). The cryptocurrency market has been recovering since last week and meme coins have been among the winners. While coins like Dogecoin (DOGE) and Shiba Inu (SHIB) have increased tremendously, the Solana-based memecoin Dogwifhat has also sparked investor interest.
Taking advantage of this market momentum, a Solana trader managed to generate substantial profits with WIF. As blockchain data tracker Lookonchain reported today, this trader spent just 5,288 SOL, equivalent to $310 at the time, to purchase 2.58 million WIF tokens on November 26, 2023.
Like a dog it shot itself In recent days, the trader started selling his stake in WIF to make a profit. Lookonchain reported that the Solana trader sold around 750,000 WIF coins at the $1.61 price level. The trader sold these coins for 9,363 SOL, valued at a whopping $1.21 million.
Despite this sale, the trader still holds 1.83 million WIF tokens, currently valued at around $2.91 million. According to Lookonchain, the Solana trader has made a total profit of a whopping $4.12 million, which roughly translates to a profit of 13,307 times the initial investment of $310.
Dogwifhat rides the meme coin wave
As mentioned above, the meme coin market has recovered with substantial price increases. According to data from CoinGecko, the market capitalization of meme coins currently it’s found to $54.8 billion, an increase of 20.8% in the last 24 hours. Furthermore, the 24-hour trading volume has also increased, currently standing at $17.24 billion.
Riding this wave, Dogwifhat has managed to generate substantial profits. At the time of writing, the price of WIF is $1.84, which represents an increase of 13.22% in the last 24 hours. Notably, the price has risen a whopping 727.98% in the last 30 days, highlighting the astronomical price rise of the Solana-based company. coin meme.
Meanwhile, CoinGlass data reveals That WIF has witnessed a notable 10.95% increase in open interest in the last 24 hours. With total open interest currently at $247.75 million, this reveals how bullish traders have become for WIF and how money has been flowing into the market. Overall, Dogwifhat price is getting a big boost from traders and it looks like this bullish sentiment will prevail.
