An early investor in the Dogwifhat memecoin project missed out on a whopping $826 million profit because of a quick cash out.
Onchain data revealed by Lookonchain shows that a developer for the Solana-based memecoin project Dogwifhat (WIF) has missed out on holding more than half a billion dollars in profit. This shows how investors can lose out on voluminous profits when they fail to consider the long-term potential of the underlying asset.
The saddest thing is that the $WIF dev sold 350M $WIF for 511 $SOL($29K) within 2 days after open trading.
The 350M $WIF is worth 693M currently!https://t.co/gDNKlLslfP pic.twitter.com/UhpXNrrvp2
— Lookonchain (@lookonchain) March 8, 2024
Launched in late November 2023, Dogwifhat is a memecoin project built on the Solana network. The memecoin portrays a Shiba Inu dog wearing a pink knitted wool hat. Over the past week, the memecoin became one of the leading memecoins in the crypto market. Public data shows the project holds a market cap of over $2.13 billion, ranking as the fifth-largest memecoin.
Memecoin Trader Misses Out on $826M Gain
After two days of open trading, the memecoin trader swapped 350 million WIF tokens for 511 SOL (worth $29,000). A few days after its debut on major exchanges like Binance, the WIF token soared to an all-time high (ATH) of $2.36, according to data from price tracking platform CoinStats. With that price uptick, the 350 million WIF tokens sold were worth about $826 million.
Luckily, the WIF developer still benefited from the WIF price surge. Another wallet the developer owns accrued over 489,000 WIF tokens through swaps. After selling millions of WIF tokens, the user now holds over 589,000 WIF worth over $1.23 million, according to the latest WIF price of $2.09.
Memecoin Market Explodes
Like Dogwifhat, other memecoin projects have garnered massive attention from investors. Earlier this week, memecoins accounted for an impressive $61.3 billion in market cap. That figure has soared to $64.6 billion, representing a 17.4% increase within 24 hours.
