Solana Trader Turns in 33,000% Profit on SOL With Dogwifhat (WIF) Epic Rally: Details
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Solana Trader Turns in 33,000% Profit on SOL With Dogwifhat (WIF) Epic Rally: Details
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Tomiwabold Olajide
Savvy Solana trader turns $6,000 in SOL into millions in realized profits through WIF trades
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Sun, 3/03/2024 - 16:40
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Solana Trader Turns in 33,000% Profit on SOL With Dogwifhat (WIF) Epic Rally: Details
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According to Arkham Intelligence, a savvy trader has capitalized on the Solana meme coin Dogwifhat (WIF) frenzy, generating 33,000% returns on his Solana investment.
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In a new tweet, Arkham Intelligence spotlights onchainclown, a Solana trader who has traded dozens of meme coins over the past two months. The trader was able to turn $6,000 in SOL into millions in realized profit, growing his SOL investment by 330 times.
Onchainclown’s best performance so far has been on the coin WIF. The savvy trader made a buy-in of only 102 SOL, around $6,000 at the time, and is now up $2 million in total profit as WIF surpasses the $1 billion market capitalization.
The Solana trader bought WIF around two weeks after it was deployed on-chain, managing to acquire 2.6% of the supply. Two months after the purchase, he gradually sold off his WIF, generating gains of approximately 9,140 SOL or $880,000.
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Solana Meme Coin Dogwifhat (WIF) Skyrockets 47%, What's Behind Rally?
The trader still holds significant amounts of WIF across his accounts for a total profit of $2 million, representing a return of more than 330x on his initial investment of 102 SOL.
Dogwifhat, a dog-themed meme coin released on the Solana blockchain over three months ago, has emerged as the clear winner of the latest rally.
WIF reached a remarkable all-time high of $1.77 in today's trading session, overtaking tokens such as Floki (FLOKI) to become the third largest dog token behind Dogecoin and Shiba Inu. WIF has joined the top 100 cryptocurrencies by market capitalization, ranking 58th with a market value of $1.74 billion.
The market for dog coins has expanded rapidly since the beginning of March 2024. At the time of writing, WIF had risen 37.92% in the previous 24 hours to $1.75. The token has increased by 438.69% in the last seven days. Speculations that Dogwifhat has been quietly listed on Robinhood's European crypto trading platform have also contributed to its weekly price increase.
About the author
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Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.
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XRP Burn Mechanism Eyes Abnormal Spike Amid XRP Price Rally
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Gamza Khanzadaev
Explosive demand drives surge in XRP burn activity as cryptocurrency's price skyrockets
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Sun, 3/03/2024 - 16:21
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XRP Burn Mechanism Eyes Abnormal Spike Amid XRP Price Rally
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Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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In a recent turn of events, the XRP Ledger blockchain has witnessed a staggering surge in the burning of XRP tokens, reaching an unprecedented level not seen since mid-January.
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XRP Just Beat Its Record as Price Skyrockets 16%
According to the latest data from XRP Scan, a whopping 6,721.92 XRP were burned as commissions, marking a remarkable 104% increase compared to the previous day.
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Source: XRP Scan
The surge in burns comes amid a remarkable rally in the price of the popular token. Over the course of this week alone, the XRP price has soared by over 15%, painting an impressive weekly candle on its price chart. Despite a momentary setback earlier today, where a wave of selling momentarily wiped out nearly 9% of its gains, the resilience of buyers swiftly pushed the price back up to $0.624 per token.
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XRP to USD by CoinMarketCap
This surge in XRP burn activity is not merely coincidental. It is a direct consequence of measures put in place to safeguard XRP Ledger from spam and denial-of-service attacks. Each transaction on the network incurs a small cost in the form of XRP, a mechanism designed to deter malicious actors from overwhelming the system.
As network activity increases, so does the cost of transactions, making it prohibitively expensive to disrupt the network intentionally or inadvertently.
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800 Million XRP Moved to Ripple Escrow Amid Impressive Price Surge
The exponential increase in XRP burn activity underscores the growing demand and interest in the cryptocurrency. With prices soaring and market sentiment bullish, investors and enthusiasts alike are eagerly capitalizing on the opportunity, driving up both trading volumes and transaction fees.
About the author
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Gamza Khanzadaev
Financial analyst, trader and crypto enthusiast.
Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.
He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.
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