TL;DR

• Solana’s meme coin WIF hit a brand new ATH, delivering substantial income to early traders.
• Regardless of the numerous positive factors, the meme coin sector hides its dangers, and traders ought to be additional cautious when getting into it.

Making Multi-Million Earnings in Mere Months

The cryptocurrency market has lately exploded, with Bitcoin (BTC) reaching virtually $57,000 (a worth final noticed on the finish of 2021).

A number of altcoins, together with lately emerged meme cash, are additionally properly within the inexperienced, skyrocketing to unseen peaks. One instance is dogwifhat (WIF), whose worth has soared by roughly 50% on a day by day scale, hitting an all-time excessive of $0.55 (per CoinGecko’s information).

The asset’s upswing has benefited merchants who purchased in its early days. In line with Lookonchain, one one who bought 2.58 million WIF tokens with solely $310 price of Solana (SOL) presently sits on paper income of roughly $1.4 million.

The blockchain analytics platform revealed one other case wherein a “good dealer” had spent 14,000 SOL ($1.54 million) to purchase 4 million WIF since February 16. As a result of meme coin’s worth appreciation, the present unrealized revenue has swelled to $582,000.

The identical dealer beforehand bought 3.98 million WIF for five,000 SOL and later bought the stash for six,443 SOL, gaining round $150,000.

WIF’s Fast Progress

The Solana-based meme coin got here into existence on the finish of 2023 and rapidly captured the eye of business individuals on account of its exponential worth surge. It skyrocketed from a mere $0.002 in mid-December to over $0.30 on the finish of the month.

The meme coin additionally turned fairly standard on social media platforms, similar to X. Even Arthur Hayes, the co-founder of BitMEX, tweeted about WIF, jokingly posting a photograph of him sporting a hat (referring to the token’s identify and emblem).

Regardless of the substantial rally, merchants ought to take into account that coping with dogwifhat (and meme cash typically) may very well be dangerous on account of their great volatility. These keen to dive deeper into the matter can check out our devoted video beneath: