{"id":26780,"date":"2023-12-18T09:47:53","date_gmt":"2023-12-18T09:47:53","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/trader-gambles-226k-on-solana-memecoin-gets-to-1-69m-in-five-days\/"},"modified":"2023-12-18T09:47:56","modified_gmt":"2023-12-18T09:47:56","slug":"trader-gambles-226k-on-solana-memecoin-gets-to-1-69m-in-five-days","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/trader-gambles-226k-on-solana-memecoin-gets-to-1-69m-in-five-days\/","title":{"rendered":"Trader gambles $226k on Solana memecoin, gets to $1.69M in five days"},"content":{"rendered":"

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The Solana (SOL) memecoin frenzy continues as a trader turns $226,000 into well over $1.6 million by gambling on a token with a beanie-wearing dog as its mascot.\u00a0<\/p>\n

Between Dec. 13 and Dec. 15, a crypto trader bought over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, as it debuted on the markets within the Solana network. According to blockchain analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the tokens\u2019 total value hovers at around $1.69 million, making the trader about $1.47 million in profits within five days.\u00a0<\/p>\n

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Thanks to the token $WIF<\/a>, this trader turned $226K into $1.69M in 5 days.<\/p>\n

This trader bought 19.86M $WIF<\/a> between Dec 13 and 15 at an average price of $0.01137. <\/p>\n

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

\u2014 Lookonchain (@lookonchain) December 18, 2023<\/a><\/p><\/blockquote>\n

As a new wave of interest hit the Solana ecosystem, memecoins based on the network have started to show massive gains. On Dec. 8, a dog-themed memecoin called Bonk (BONK) became the third-largest memecoin by market capitalization, joining fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three and flipping Pepe (PEPE), a frog-themed meme token.\u00a0<\/p>\n

Bonk\u2019s price jumped by 370% in the 30 days leading to Dec. 11, going from $0.0000028 to $0.00002 at the time of writing. The token outpaced the growth of fellow dog memecoins SHIB and DOGE, which had a growth of 20% and 35% in the same time period.\u00a0<\/p>\n

Related: <\/em><\/strong>Trader allegedly saw over 5,000x gains after Ankr protocol hack<\/em><\/strong><\/p>\n

The hype surrounding Bonk also increased sales for Solana\u2019s mobile phone Saga. Since its launch, Solana Saga phone owners received a 30 million airdrop of the memecoin. With the token price rising, users grabbed the opportunity to profit by buying the phone and selling the tokens.<\/p>\n

Magazine: <\/em><\/strong>Simp DAO queen Irene Zhao on why good memes are harder than trading: X Hall of Flame<\/em><\/strong><\/p>\n<\/div>\n