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- A trader who was an early investor has seen his investment turn into over $3 million in just a few months, thanks to the WIF memecoin, which has garnered investor attention.
- With the memecoin enjoying mass adoption, growing popularity of memecoins, and exchange listings, it promises even greater gains in the future.
An early investor in Solana’s meme cryptocurrency, Dogwifhat (WIF), has made around $3.2 million from his initial investment of $310 after just three months. According to Lookonchain, shortly after the memecoin debuted on the Solana blockchain, the anonymous trader used 5.288 SOL, or $310, to buy 2.58 million WIF in November of last year.
With the altcoin gaining more than 50% in the last 24 hours and extending its weekly gains by more than 400% in the last 7 days, the altcoin has turned the $310 into more than $3.2 million. This trader has made millions in just 3 months, with the altcoin recording 10,075x gains. At the time of writing, WIF is trading at $1.73 with a market cap of $1,711,041,167, making it the 59th largest cryptocurrency in the market.
For the trader, the gains remain unrealized profits, suggesting that the trader is anticipating even more gains in the coming weeks.
As $WIF continues to rise, the 2.58M $WIF this trader bought with only 5.288 $SOL($310) is now worth $3.12M!
This trader made $3.12M in 3 months, a gain of 10,075x!https://t.co/Fc8EWZ673m
— Lookonchain (@lookonchain) March 2, 2024
The trader’s success is not unique, with other traders taking to social media to share their earnings. However, experienced traders have often pointed out that making profits from memecoins, often depends on luck and not expertise.
The price-performance mirrors that of Solana’s memecoin, BONK. This Shiba Inu rival also became one of the best performers in the cryptocurrency market after its launch. With this in mind, some investors looking to learn from BONK will note that after a rapid price increase, a correction followed, suggesting a similar fate will befall WIF. This could pose a risk to investors who might invest just before the correction.
However, it is clear that the narrative around memecoins which include Dogecoin (DOGE), Shiba Inu (SHIB), FLOKI, and the Dogwifhat (WIF), is changing. Once regarded as “joke” coins with no inherent value, the coins are now leading the way in adoption and prices. Furthermore, led by Shiba Inu, their ecosystems are growing, becoming complex blockchain platforms for developers to build and fix real-world problems.
Highlighting their growing popularity is their listing on popular cryptocurrency exchanges. WIF, in particular, was recently listed on Coinbase, the most popular cryptocurrency in the U.S. Furthermore, the memecoin was listed on Robinhood Crypto Europe. These listings have helped draw attention to the token, driving demand and opening up business opportunities.
WIF has turned out to be the crypto unicorn of the ongoing bull run. If the memecoin can sustain this upward momentum, it will, in part, be decided by the wider crypto market, which has recently turned bullish. This will further be dictated by its continued integration and listings in other platforms, which could drive Fear of missing out (FoMO) to the altcoin. But based on its recent data, it’s hard to bet against this crypto gem, with the potential risk, outpacing the potential reward.
