A savvy trader has achieved remarkable success in the cryptocurrency market by leveraging the Solana-based meme coin, Dogwifhat (WIF) to multiply his investment astronomically.
Data from blockchain analytics platform, Lookonchain reveals that the investor’s WIF portfolio skyrocketed from a mere $1,749 to a staggering $10.9 million.
A trader bought 5.1M $WIF with only a cost of $1,749 on Nov 30 and has held it to now, which is now worth $10.9M!
This trader tried to limit sell $WIF on #Jupiter, but the order was not filled due to the high limit price.
So he canceled the limit order and transferred $WIF to… pic.twitter.com/eCRkN8DZBU
— Lookonchain (@lookonchain) March 8, 2024
Read Also: Another Solana Trader Turns 12 SOL into $3.5 Million in Five Days. Here’s how
This astounding transformation was achieved over approximately three months. After acquiring 5.1 million WIF tokens in late November 2023, the investor maintained his holdings.
This strategy paid off handsomely, demonstrating the potential for explosive gains within the cryptocurrency sector, particularly on blockchains like Solana. Solana is known for its high transaction speeds and low fees, factors that can contribute to the rapid growth and volatility often seen in associated tokens.
In total, this trader realized over 630,000% return on his initial investment, representing an extraordinary financial windfall within just 100 days.
The Solana meme coin trader then sought to capitalize on this success by offloading the asset. However, a limit sell order failed to execute due to the high limit price. Consequently, the trader canceled the order and transferred the WIF holdings to new wallets.
The trader’s purchase of 5.1 million WIF tokens appears to have occurred around the time of the token’s initial launch. Major market tracking resources, such as CoinMarketCap and CoinGecko, didn’t record trading data for WIF until mid-December 2023. After this period, the price of WIF has soared by an estimated 1,268.54%, increasing from less than $0.07 to over $2.3.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Community members react
The revelation by Lookonchain garnered a lot of reactions and responses from the Crypto community. An X user, @Crynetio, emphasized the need for active strategies in the ever-changing cryptocurrency market.
Read Also: This Solana Trader Turns 3 SOL into $250,000 in Less than 24 Hours. Here’s how
The trader underscores that relying solely on limit orders can be detrimental in a volatile environment. Furthermore, @Crynetio suggests diversifying your crypto holdings across multiple wallets as a smart way to manage potential risks.
According to CoinMarketCap, WIF is currently trading at $2.19, with an incredible 895% rise over the month. WIF is also among the top-performing meme coins of the present cycle, climbing an astonishing 116 positions on the rankings in only ten days.
This growth puts Dogwifhat ahead of traditional meme coin behemoths like Shiba Inu (SHIB) and Dogecoin (DOGE) as the top-performing meme coin.
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