According Arkham IntelligenceOne savvy trader has capitalized on the Solana Dogwifhat meme coin (WIF) frenzy, generating a 33,000% return on his Solana investment.
According Arkham IntelligenceOne savvy trader has capitalized on the Solana Dogwifhat meme coin (WIF) frenzy, generating a 33,000% return on his Solana investment.
In a new tweet, Arkham Intelligence highlights onchainclown, a Solana trader who has traded dozens of meme coins over the past two months. The trader was able to convert $6,000 worth of SOL into millions in realized profits, increasing his investment in SOL 330 times.
Onchainclown’s best performance so far has been in the WIF coin. The savvy trader made a purchase of just 102 SOL, around $6,000 at the time, and now has $2 million in total profits as WIF surpasses $1 billion market capitalization.
The Solana merchant purchased WIF about two weeks after its implementation in the chain, managing to acquire 2.6% of the supply. Two months after the purchase, he gradually sold his WIF, generating profits of approximately 9,140 SOL or $880,000.
The trader still holds significant amounts of WIF in his accounts for a total profit of $2 million, representing a return of over 330 times his initial investment of 102 SOL.
Dogwifhat, a dog-themed meme coin launched on the Solana blockchain more than three months ago, has emerged as the clear winner of the latest rally.
WIF hit a notable all-time high of $1.77 in today’s trading session, surpassing tokens like Floki (FLOKI) to become the third largest dog token behind Dogecoin and Shiba Inu. WIF has joined the top 100 cryptocurrencies by market capitalization, ranking 58th with a market value of $1.74 billion.
The dog coin market has been expanding rapidly since early March 2024. At the time of writing, WIF was up 37.92% in the previous 24 hours to $1.75. The token has risen by 438.69% in the last seven days. Speculation that Dogwifhat has been quietly listed on Robinhood’s European crypto trading platform has also contributed to its weekly price rise.
