Here’s How Trader Makes $582,000 Taking A Long Position On ‘Shiba Inu Killer’ Dogwifhat
By Benzinga
A trader who capitalized on the astounding price surge of Dogwifhat (CRYPTO: WIF) by taking a long position at an opportune time is now sitting on unrealized gains of over half a million dollars.
What Happened: Dogwifhat is up 47% on the day and 86% on the week, leaving established memecoins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) in the dust.
Lookonchain data highlighted an unknown trader who spent 4,900 Solana (CRYPTO: SOL), worth $539,000, to purchase 1.43 million Dofwifhat on the day before the most recent price surge.
Since Feb.16, 2024, the trader has spent 14,000 Solana, equivalent to $1.54 million, to purchase 4 million Dogwifhat, bringing the current unrealized profit to around $582,000.
The trader spent another 5,000 Solana to purchase 3.98 million Dogwifhat and later sold it for 6,443 Solana, thereby making a profit of 1,443 Solana worth $147,000.
Also Read: Solana-Based Shiba Inu Rival 'Dogwifhat' Rockets 35% As Binance Introduces WIF Futures Contract
Why It Matters: In the past 24 hours, Dogwifhat skyrocketed 47%, with the market capitalization of the token almost doubling to $623.7 million from $338.6 million a week ago.
Dogwifhat surpassed the also trending Floki (CRYPTO: FLOKI), standing at $491.6 million in market cap,
Among Coingecko’s top dog-themed coins, Dogwifhat ranked fourth and was one of the highest gainers in the group.
While the memecoins valuation and rally have no connection to real-world utility, bigger traders and analysts have also started to observe Dogwifhat closely.
Highly-followed trader Hsaka tweeted a cryptic message of support:
Another notable trader, TheFlowHorse, also stated on his X account, “There are some mega obvious setups across the board. Few are as clear as $WIF right here. This base is setting up a much larger leg higher again.”
While the crypto community is buzzing with talks of Binance and Coinbase considering a Dogwifhat listing, the memecoin has already seen a significant rally in recent weeks.
