Here’s How This Trader Turned $226K to $1.69M in 5 Days With Dogwifcoin (WIF)

A crypto trader has raked in more than $1.4 million in profit within five days by purchasing millions of Dogwifhat (WIF) tokens, a dog-themed meme coin on the Solana network.

According to a tweet by blockchain analysis platform Lookonchain, the trader began their WIF journey by purchasing $226,000 worth of the tokens after they were launched on Solana.

Thanks to the token $WIF, this trader turned $226K into $1.69M in 5 days.

This trader bought 19.86M $WIF between Dec 13 and 15 at an average price of $0.01137.

The 19.86M $WIF is now worth $1.69M, making ~$1.47M in 5 days.https://t.co/7QxZwvbzBA pic.twitter.com/xsBBOivbhW

— Lookonchain (@lookonchain) December 18, 2023

$226K to $1.69M in Five Days

Between December 13 and 15, the trader purchased more than 19.86 million WIF at an average price of $0.01137. At the asset’s current price of $0.1078, the stash is worth over $1.69 million, raking in approximately $1.47 million in profit within five days.

WIF has witnessed a significant surge since its release on the Solana network. Within the past week, the token has soared by more than 840%, raising its market cap to tens of millions of dollars.

The token’s surge comes as the Solana network is abuzz with a new wave of interest in other cryptocurrencies, including meme coins like Bonk (BONK) and the Solana Saga phones. BONK, another dog-themed token, has also witnessed a mind-blowing surge. Since its launch, the meme coin has soared more than 17,500%, per data from CoinMarketCap.

Two weeks ago, BONK rose to become one of the largest meme coins by market capitalization, alongside other dog-themed tokens like Shiba Inu and Dogecoin.

Solana Phone Sales See Surge

CryptoPotato reported that the BONK hype and surge had driven the sales of the Solana Saga phones past the original retail price of $599. As of December 16, two Saga phones were sold for $5,000 on eBay, while another sold for $3,316. About 20 more gadgets sold for more than $2,000 over the weekend.

The rise in phone sales can be attributed to an announced airdrop of 30 million BONK offered exclusively to users who download the Bonk app through the Saga phone dApp store. While the Saga phones experienced low sales initially, they have been sold out on the official website since the airdropped BONK became more valuable than the devices’ cost.

Meanwhile, Saga phone owners also anticipate additional airdrops and financial incentives from projects in the Solana ecosystem.