Crypto Jackpot: Trader's Daring $226K Gamble on Solana Memecoin Skyrockets to $1.69M in Just 5 Days!
Solana's Dog-Themed Memecoin Craze
The excitement around Solana's memecoin frenzy intensifies as a trader turns a modest investment of $226,000 into an astonishing $1.6 million.
This extraordinary feat was accomplished by speculating on a token adorned with a beanie-wearing dog as its mascot.
Between 13 December and 15 December, the trader seized the opportunity to invest in over 19 million Dogwifhat (WIF) tokens, a recently launched dog-themed memecoin within the Solana network.
Blockchain analytics firm Lookonchain reveals that these tokens were acquired at an average price of $0.01137.
Presently, the total value of these tokens has reached approximately $1.69 million, resulting in a remarkable profit of $1.47 million within just five days.
Bonk Claims Third-Largest Market Cap
The surge of interest in the Solana ecosystem has given rise to substantial gains for memecoins residing on the network.
On 8 December, Bonk (BONK), a dog-themed memecoin, secured the position of the third-largest memecoin by market capitalisation.
It joined the ranks of Shiba Inu and Dogecoin, surpassing Pepecoin, the frog-themed memecoin.
Outpacing Competing Dog Memecoins
The price of Bonk witnessed a surge of 370% in the 30 days leading up to 11 December, escalating from $0.0000028 to $0.00002 at the time of writing.
Notably, this growth outpaced fellow dog memecoins SHIB and DOGE, which saw increases of 20% and 35% during the same period.
The Bonk frenzy not only influenced memecoin prices but also drove sales for Solana's Saga mobile phone.
Owners of the Saga phone were recipients of a 30 million airdrop of the Bonk memecoin upon its launch.
Capitalising on the rising token value, users seized the opportunity to profit by purchasing the phone and subsequently selling the acquired tokens.
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