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

The Solana memecoin frenzy continues as a dealer turns $226,000 into properly over $1.6 million by playing on a token with a beanie-wearing canine as its mascot. 

Between Dec. 13 and 15, a crypto dealer purchased over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, because it debuted on the markets inside the Solana community. Based on blockchain analytics agency Lookonchain, the dealer purchased the tokens at a median value of $0.01137. Presently, the tokens’ complete worth hovers at round $1.69 million, making the dealer about $1.47 million in earnings inside 5 days. 

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

This dealer purchased 19.86M $WIF between Dec 13 and 15 at a median value of $0.01137.

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

— Lookonchain (@lookonchain) December 18, 2023

As a brand new wave of curiosity hits the Solana ecosystem, memecoins based mostly on the community have began to ship large positive factors. On Dec. 8, a dog-themed memecoin referred to as Bonk (BONK) turned the third-largest memecoin by market capitalization, becoming a member of fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) within the high three and overtaking Pepecoin (PEPE), the frog-themed memecoin. 

Bonk’s value jumped by 370% within the 30 days resulting in Dec. 11, going from $0.0000028 to $0.00002 on the time of writing. The token outpaced the expansion of fellow canine memecoins SHIB and DOGE, which grew 20% and 35% in the identical interval. 

Associated: Dealer allegedly noticed over 5,000x positive factors after Ankr protocol hack

The hype surrounding Bonk additionally 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.