One trader is seeing seven-figure profits on a Solana (SOL)-based memecoin that is up 51x year-to-date, according to on-chain data.
Blockchain tracking firm Lookonchain notes that one trader purchased dogwifhat (WIF) in December 2023 and has racked up a 118,967% gain by making a series of strategic sales as the memecoin soared.
“Every time WIF goes up, this 1,000x winner sells part of WIF for profit. He spent only $5,879 to buy 6.1 million WIF ($23.7 million currently) on December 8th, 2023 and then sold 4.7 million ($1.57 million) successively. He still has 1.4 million WIF left, worth $5.47 million. His profit on WIF is ~$7 million, a gain of 1,197x!”
On January 10th WIF was trading at $0.069 and is trading for $3.53 at time of writing, a gain of over 51x.
Lookonchain also notes that one trader is sitting on six-figure unrealized profits after buying in the past two weeks nearly 119,000 MAGA (TRUMP), the memecoin inspired by former president Donald Trump, who is running for president again.
“The price of TRUMP has reached an all-time high again [May 29th]! Someone withdrew 1.16 million USDT from Binance and spent 1.15 million USDT to buy 118,671 TRUMP at an average price of $9.69 in the past two weeks. He has an unrealized profit of $540,000 on TRUMP currently.”
TRUMP is trading for $13.91 at time of writing, up more than 1% in the last 24 hours.
Lastly, Lookonchain says one savvy trader has made a combined $41.38 million in profits trading WIF along with two other memecoins, Jeo Boden (BODEN), inspired by US President Joe Biden, and Bonk (BONK).
“The smart money sold all 539,558 WIF for 11,708 SOL ($2 million) at a price of $3.70 [on May 28th]. He has realized profits of $24.1 million on WIF, $11 million on BODEN and $6.28 million on BONK.”
BONK is trading for $0.00003445 at time of writing, down 6.6% in the last 24 hours. Meanwhile, BODEN is trading for $0.30 at time of writing, down 3.5% on the day.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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