As $WIF breaks a new peak price of $4, this early trader saw a huge profit of $134 million.
As the Solana-based memecoin project Dogwifhat (WIF) remains in the spotlight, the cryptocurrency has now broken new records. After hitting an all-time high of $4 earlier today, its market capitalization soared to around $4 billion, bringing the dog-themed project to the third largest position among memecoins. An early trader’s portfolio also netted an unrealized profit of $134 million.
Dogwifhat Trader Sees $134M in Profit
On-chain data from the blockchain explorer Solscan shows that the Doogwifhat investor began accumulating WIF tokens in December 2023. The user has accrued 37.62 million WIF tokens for $9.33 million over the past months. WIF traded at an average price of $0.24 at the time. When the memecoin saw its peak of $4, the trader held about $150 million in their portfolio.
The user stores the WIF tokens in a wallet address labelled “Wifto100billy.” At press time, the investor retains the entirety of the WIF holdings, possibly in hopes of more price increases. The trader also holds a basket of over 150 more SPL tokens.
With WIF’s value now around $3.6, the trader’s WIF holdings are now valued at around $138 million.
Dogwifhat’s Performance
Despite starting as a joke, Dogwifhat emerged as one of the most prominent memecoin projects. The meme features a picture of a dog called Achi, wearing a wool-woven pink hat. Following its sudden popularity, Achi’s owner auctioned the mascot’s image on the NFT market for $4.3 million.
In just four months, the memecoin has garnered the attention of crypto exchanges, increasing its fan base. Impressively, Dogwifhat has flipped several memecoins like PEPE and BONK to become the third-largest memecoin by market cap. The cryptocurrency now trails two leading memecoins, DOGE and SHIB, that currently have a market cap of $30.9 billion and $18.2 billion, respectively.
