Solana Memecoin Mania Spurs Trader Profit from $226K to $1.6M
Summary:
A savvy trader turned an investment of $226,000 into a whopping $1.6 million in just five days, thanks to the Solana memecoin frenzy. The trader capitalized on the Dogwifhat (WIF) tokens upon its market debut in the Solana network. Meanwhile, dog-themed memecoin Bonk has climbed up to become third-largest by market capitalization, leading to a surge in interest and sales of Solana's mobile phone, Solana Saga, which came with a substantial memecoin airdrop.
In the midst of the buzzing Solana (SOL) memecoin frenzy, one trader transformed a $226,000 investment into a staggering $1.6 million by betting on a token represented by a beanie-sporting canine. Between the 13th and 15th of December, this cryptocurrency enthusiast acquired over 19 million Dogwifhat (WIF) tokens, a memecoin inspired by a dog theme, coinciding with its market debut on the Solana ecosystem. Blockchain analytics agency Lookonchain reveals that the trader secured the tokens at an average rate of $0.01137. At present, the total value of these tokens stands around $1.69 million, yielding the trader an impressive profit of roughly $1.47 million within a mere five-day span.
With a fresh surge of attention gravitating towards Solana's ecosystem, its corresponding memecoins are recording substantial growth. On December 8, Bonk (BONK), another dog-themed memecoin, ascended the ranks to become the third largest memecoin in terms of market capitalization, joining canine-centred counterparts Shiba Inu (SHIB) and Dogecoin (DOGE). This sharp rise pushed Bonk ahead of Pepe (PEPE)—a frog-themed meme token. Bonk’s value experienced a significant 370% boost in the 30 day period ending December 11, leaping from $0.0000028 to $0.00002 at the point of observation. This growth outstripped fellow dog memecoins SHIB and DOGE, which reported expansions of 20% and 35% over the same time frame.
The commotion around Bonk further spurred sales of Solana's mobile phone product, Solana Saga. Following its release, owners of the Solana Saga phone were rewarded with a 30 million memecoin airdrop. With the value of the token surging, users seized the chance to capitalise, purchasing the phone and off-loading the tokens for profit.
Published At
12/18/2023 12:26:36 PM
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