Cryptocurrency Trader Turns $226,000 into Over $1.69 Million with Dogwifhat
A cryptocurrency trader managed to turn $226,000 worth of the Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) into a stash of over $1.69 million after the price of the cryptocurrency surged by more than 8,000% over the last 30 days, outperforming the wider cryptocurrency market.
Dogwifhat Price Climbs from a Hundredth of a Penny to $0.19
The cryptocurrency’s price has climbed from a hundredth of a penny to around $0.19 at the time of writing as its adoption seemingly grows after a collection of 550 Dogwifhat Solana non-fungible tokens (NFTs) launched earlier this month, with the cheapest item of the collection now selling for over 13 SOL tokens.
Cryptocurrency Trader’s Profit Soars in 5 Days
On-chain analysis service Lookonchain has revealed that one cryptocurrency trader who bet $226,000 into the cryptocurrency has managed to turn a profit of $1.47 million in just five days to now have a stash of over $1.69 million.
BONK Surges Over 600% Over the Last 30 Days
The WIF token has been outperforming the wider cryptocurrency market and even rival Solana-based memecoin BONK which surged more than 600% over the last 30 days and is now up more than 1,900% so far this year.
Solana Saga Phone Sells Out Thanks to 30 Million BONK Airdrop
BONK’s sudden surge saw the Solana Saga smartphone, which once faced sluggish sales, sell out thanks to an included 30 million BONK airdrop, which at its high was worth more than the smartphone itself. This disparity has sparked a surge in sales, with the Saga phone’s sales figures multiplying more than tenfold in just 48 hours. Solana co-founder Raj Gokal confirmed this dramatic increase, which has seen the phone sell out. On eBay, the phone has been selling for over $5,000.
BONK Team Describes It as the First Shiba Inu-Themed Solana-Based Cryptocurrency
The cryptocurrency’s team describes it as the first Shiba Inu-themed Solana-based cryptocurrency that is “for the people, by the people.” Earlier this year, BONK moved to burn a total of 5 trillion tokens that were allocated to them, at a time in which the digital asset’s price was dropping after moving up significantly after launch.
Hot Take
Crypto traders have been seizing opportunities and making jaw-dropping profits with meme-inspired cryptocurrencies recently. The surge in the popularity and adoption of these tokens has led to a significant increase in wealth for those who have hodled them. The extraordinary returns being generated from these tokens are driving more interest in meme-inspired cryptocurrencies, and investors are watching closely for the next big thing in this space.
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