Trader gambles $226k on Solana memecoin, gets to $1.69M in five days

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The Solana (SOL) memecoin frenzy continues as a dealer turns $226,000 into properly over $1.6 million by playing on a token with a beanie-wearing canine as its mascot. 

Between Dec. 13 and Dec. 15, a crypto dealer purchased over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, because it debuted on the markets inside the Solana community. In line with blockchain analytics agency Lookonchain, the dealer purchased the tokens at a median worth of $0.01137. At present, the tokens’ whole worth hovers at round $1.69 million, making the dealer about $1.47 million in earnings inside 5 days. 

As a brand new wave of curiosity hit the Solana ecosystem, memecoins based mostly on the community have began to indicate huge good points. On Dec. 8, a dog-themed memecoin known as Bonk (BONK) grew to become the third-largest memecoin by market capitalization, becoming a member of fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) within the high three and flipping Pepe (PEPE), a frog-themed meme token. 

Bonk’s worth jumped by 370% within the 30 days resulting in Dec. 11, going from $0.0000028 to $0.00002 on the time of writing. The token outpaced the expansion of fellow canine memecoins SHIB and DOGE, which had a progress of 20% and 35% in the identical time interval. 

Associated: Trader allegedly saw over 5,000x gains after Ankr protocol hack

The hype surrounding Bonk additionally increased sales for Solana’s cell phone Saga. Since its launch, Solana Saga cellphone house owners obtained a 30 million airdrop of the memecoin. With the token worth rising, customers grabbed the chance to revenue by shopping for the cellphone and promoting the tokens.

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