A trader who invested $310 in the meme token Dogwifhat (WIF) during November 2023 witnessed significant gains due to a remarkable surge in its price. Initial investment of 5.288 Solana (SOL), equivalent to $310, resulted in the acquisition of 2.58 million WIF tokens, now valued at $4.1 million.
Subsequently, the trader decided to sell 750,000 WIF tokens for 9,363 SOL, netting a transaction total of $1.21 million. Despite this sale, the trader retained approximately 1.83 million WIF tokens, currently valued at $2.91 million. This represents a staggering increase of 13,307 times in asset value, culminating in a total portfolio worth of $4.12 million.
Dogwifhat, akin to other meme coins inspired by the Shiba Inu dog meme, has witnessed substantial growth since its inception in November 2023. CoinMarketCap reports an almost 900% increase in the token’s price, soaring from $0.1797 to $1.67 within just over three months. Moreover, on March 4, the coin reached a new all-time high of $1.92.
Since December, WIF has garnered attention from whale speculators, with numerous stories surfacing about substantial profits generated from trading WIF. Notably, one trader raked in $1 million within 5 days, having invested $226,000 in WIF tokens.