Solana-based memecoin Dogwifhat is on a major price rally with gains standing at a staggering 300% over the last week. The recent Dogwifhat (WIF) price rally to $1.25 has helped some traders mint multi-million dollars in a short time.
Trader Makes $3.12 Million in Dogwifhat (WIF) Price Rally
Insights from on-chain data provider Lookonchain reveal an impressive feat in the cryptocurrency market. As the value of $WIF (Token WIF) continues its upward trajectory, data indicates that a trader who initially purchased 2.58 million $WIF with only 5.288 $SOL (Solana token) valued at $310, is now witnessing a substantial increase in their investment.
Remarkably, the initial investment of $310 has now appreciated to a staggering $3.12 million, reflecting a significant gain for the trader. This astounding growth equates to an impressive gain of 10,075 times the initial investment over a period of three months.
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
WIF Whale Buying Continues
Despite this rally, the whale interest in Dogwifhat remains strong. A notable transaction involving a whale has caught the attention of market participants. Just six hours ago, a whale invested 9,999 $SOL (Solana token), equivalent to $1.34 million, to acquire 1.49 million $WIF at a price of $0.8995 per token. This substantial investment underscores growing interest in $WIF and highlights the evolving dynamics within the cryptocurrency space.
The price of $WIF broke through $1 and has increased by ~250% in the past week.
Another whale spent 9,999 $SOL($1.34M) to buy 1.49M $WIF at $0.8995 6 hours ago.https://t.co/m1dgfoPJE0 pic.twitter.com/xU4rZNgcWg
— Lookonchain (@lookonchain) March 1, 2024
As the Solana-based memecoin comes into the limelight, big players have shown interest in supporting WIF. Earlier on Thursday, February 29, Robinhood announced support for the WIF coin among several other cryptocurrencies.
Furthermore, the massive mania triggered by the memecoin fest has further supported the ongoing rally in Dogwifhat. In the last 24 hours, the Shiba Inu (SHIB) price has surged by 52.85%, reaching $0.00001976, accompanied by a market cap of $11.65 billion. Additionally, the daily trading volume for SHIB has soared by an impressive 93%, approaching $4 billion.
Meanwhile, the Dogecoin (DOGE) rally persists with an additional 18% increase at the current moment, surpassing $0.15. In the past week alone, the DOGE price has skyrocketed by an astounding 66%.
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