Crypto News– The Solana meme coin Dogwifhat (WIF) has garnered attention from significant investors, commonly referred to as “whales,” who identified an opportunity to capitalize on the hype surrounding meme coins within the Solana network.
Enormous Investors Profit 770 ETH from Solana’s Dogwifhat Before Price Declined
Reportedly, Lookonchain has identified 12 newly created wallets, seemingly associated with insiders, that realized substantial profits, totaling approximately 770 ETH, from recent purchases of WIF. This activity sparked a buying frenzy among other investors, eager to join the trend and sell at a higher price. These 12 wallets collectively profited $1.77 million from Dogwifhat, initially investing only 1.6 ETH, equivalent to $3,694.
According to Lookonchain, these wallets were established on the same day they bought Dogwifhat, purchasing it in the same block where trading commenced. Shortly after, additional users began buying Dogwifhat, with Lookonchain noting that these 12 wallets spent $3,694 to acquire 24 million Dogwifhat tokens and later sold 15.34 million for 771.86 ETH, amounting to $1.78 million. As of now, these wallets still retain 8.65 million WIF, valued at approximately $838,000.
Since its inception, Dogwifhat (WIF) has experienced a volatile journey, witnessing a staggering surge of around 20,000% within a relatively short period. On January 18, 2024, Dogwifhat (WIF) reached its peak price at $0.4625.
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