The start of March finally brought meme coins fully into the ongoing cryptocurrency bull market as they accounted for 5 out of 7 of the biggest weekly gainers.
While the more recognizable – and mostly dog-themed – cryptocurrencies and last year’s arrival and biggest mover at the time – Pepe (PEPE) – took the bulk of the attention, a lesser-known meme coin on the Solana (SOL) blockchain was responsible for some of the rally’s most impressive new millionaires.
On November 30, 2023 – near the launch of the meme coin – one crypto trader bought 5.1 million Dogwifhat (WIF) for $1,749 and has held it since. WIF’s staggering rise – in total amounting to more than 1,200% – means that the trader has successfully turned the $1,749 investment into a staggering $11.2 million.
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The trade has, however, seemingly proved somewhat troublesome for the prospecting investor. They already attempted to offload their Dogwifhat on Jupiter but failed due to the overly high sell limit order, according to information shared by Lookonchain on X.
Instead, the trader has started moving the immense quantity of WIF to new wallets.
As FInbold previously reported, this isn’t the only investor to have made the rags-to-riches journey using the Solana-based memecoin. By March 4, another trader – who purchased approximately $310 worth of Dogwifhat in November – had made more than $4 million and, by the date, realized a profit greater than $1 million.
WIF price chart
Since arriving on the scene in late 2023, WIF has benefited greatly from the general bullishness of the crypto market. Despite a slow start, the meme coin is 1215.22% in the green in total.
The bulk of the rise took place in the last 30 days which saw Dogwifhat gain as much as 915.44%. While the latest 7 days of trading have been somewhat slower – and featured significant volatility – WIF is, nonetheless, 114.61% in the green in the time frame.
The most recent 24 hours have, however, reignited a strong uptrend, and Dogwifhat rose 26.81% to $2.22.
Is more meme coin excitement to come?
Historically, enthusiastic crypto markets have brought significant rises – and abrupt falls – to various meme coins, and the ongoing rally has its fair share of candidates for massive price spikes.
SOL’s main meme coin – Bonk (BONK), for example, while not performing as strongly as WIF, is poised for a major bull run as many traders will likely speculate that the announced second Solana mobile phone could again give it a massive boost through another odd arbitrage opportunity.
Finally, some crypto experts now believe that the oldest of the pack – Dogecoin (DOGE) – might surge toward $1 in April as its recent movements mimic those observable prior to its previous bull runs.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
