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

The Solana (SOL) memecoin frenzy continues as a trader turns $226,000 into well over $1.6 million by gambling on a token with a beanie-wearing dog as its mascot. 

Between Dec. 13 and Dec. 15, a crypto trader bought over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, as it debuted on the markets within the Solana network. According to blockchain analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the tokens’ total value hovers at around $1.69 million, making the trader about $1.47 million in profits within five days. 

— Lookonchain (@lookonchain) December 18, 2023

As a new wave of interest hit the Solana ecosystem, memecoins based on the network have started to show massive gains. On Dec. 8, a dog-themed memecoin called Bonk (BONK) became the third-largest memecoin by market capitalization, joining fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three and flipping Pepe (PEPE), a frog-themed meme token. 

Bonk’s price jumped by 370% in the 30 days leading to Dec. 11, going from $0.0000028 to $0.00002 at the time of writing. The token outpaced the growth of fellow dog memecoins SHIB and DOGE, which had a growth of 20% and 35% in the same time period. 

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The hype surrounding Bonk also increased sales for Solana’s mobile phone Saga. Since its launch, Solana Saga phone owners received a 30 million airdrop of the memecoin. With the token price rising, users grabbed the opportunity to profit by buying the phone and selling the tokens.

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