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The Solana (SOL) memecoin frenzy continues as a dealer turns $226,000 into properly 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 inside the Solana community. Based on blockchain analytics agency Lookonchain, the dealer purchased the tokens at a median value of $0.01137. Presently, the tokens’ whole worth hovers at round $1.69 million, making the dealer about $1.47 million in earnings inside 5 days.
Due to the token $WIF, this dealer turned $226Ok 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 primarily based on the community have began to indicate large features. On Dec. 8, a dog-themed memecoin referred to 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 progress of 20% and 35% in the identical time interval.
Associated: Dealer allegedly noticed over 5,000x features after Ankr protocol hack
The hype surrounding Bonk additionally elevated gross sales for Solana’s cell phone Saga. Since its launch, Solana Saga telephone house owners acquired a 30 million airdrop of the memecoin. With the token value rising, customers grabbed the chance to revenue by shopping for the telephone and promoting the tokens.
Journal: Simp DAO queen Irene Zhao on why good memes are more durable than buying and selling: X Corridor of Flame
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