May 29, 2024 9:23 AM | 2 min read
Popular Solana (CRYPTO: SOL) meme coin Dogwifhat (CRYPTO: WIF) is up 34% over the past seven days, allowing a trader to cash out their substantial gains.
What Happened: On-chain analytics firm Lookonchain shared on Wednesday that the trader initially spent $5,879 to acquire 6.1 million WIF tokens on Dec. 8, 2023. As the value of WIF surged, the investor strategically sold 4.7 million WIF tokens for $1.57 million.
Despite these sales, the investor still holds 1.4 million $WIF tokens, currently valued at $5.47 million. Lookonchain noted that the total profit from these transactions amounts to approximately $7 million, representing a 1,197x gain.
Why It Matters: Meme coins like WIF are resurgent, posting double-digit gains despite dips in major cryptocurrencies like Bitcoin and Ethereum.
Dogwifhat has seen its value increase by over 30% over the past week, alongside other “Dogecoin killers” like Floki (CRYPTO: FLOKI).
Cryptocurrency traders like Cold Blooded Shiller see more upside for WIF playing out:
Nachi, another crypto trader, sees an Elliot Wave structure playing out that could take the popular meme coin to a range between $6.79 and $11.09.
At the time of writing, WIF is trading around $3.90, up 5% on the day and about 20% off its all-time high around $4.50.
What’s Next: The influence of meme coins is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Dogecoin Could Go To $0.322 If It Overcomes This Key Resistance Level, Analyst Notes
This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
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