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The Solana (SOL) memecoin frenzy continues as a dealer turns $226,000 into effectively over $1.6 million by playing on a token with a beanie-wearing canine as its mascot.
Between Dec. 13 and Dec. 15, a crypto dealer purchased over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, because it debuted on the markets throughout the Solana community. In response to blockchain analytics agency Lookonchain, the dealer purchased the tokens at a median value of $0.01137. At the moment, the tokens’ complete worth hovers at round $1.69 million, making the dealer about $1.47 million in earnings inside 5 days.
Because of 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 value $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 hit the Solana ecosystem, memecoins based mostly on the community have began to indicate large positive factors. On Dec. 8, a dog-themed memecoin known as Bonk (BONK) grew to become the third-largest memecoin by market capitalization, becoming a member of fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) within the prime three and flipping Pepe (PEPE), a frog-themed meme token.
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 had a development of 20% and 35% in the identical time interval.
Associated: Trader allegedly saw over 5,000x gains after Ankr protocol hack
The hype surrounding Bonk additionally increased sales for Solana’s cell phone Saga. Since its launch, Solana Saga cellphone homeowners acquired a 30 million airdrop of the memecoin. With the token value rising, customers grabbed the chance to revenue by shopping for the cellphone and promoting the tokens.
Journal: Simp DAO queen Irene Zhao on why good memes are harder than trading: X Hall of Flame
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