An unidentified trader recently made a substantial profit by investing in Solana and purchasing 8.18 million Dogwifhat tokens for $1,170. The trader later sold these tokens for $142,000, which are now valued at $23.2 million.

According to analysts at Lookonchain, the trader bought the tokens five days after trading began. When Dogwifhat (WIF) experienced a tenfold increase in value, the trader decided to sell the tokens for 2,031 Solana (SOL) tokens, resulting in a net profit of approximately $141,000.

Since being listed on exchanges like Binance, the value of WIF has increased tenfold. On March 14, the token reached a new all-time high of nearly $3.45, as reported by CoinMarketCap. This significant growth is impressive considering that in December 2023, WIF was trading at around $0.15.

According to CoinGecko, Dogwifhat has become the fourth largest meme coin by market capitalization, following popular coins like Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE). In the last 24 hours, the asset has seen a growth of over 40%.

Investors have been able to generate substantial profits from meme coins like WIF. For example, a trader turned a $1,800 investment in WIF into $11 million by holding onto the asset for several months. Similarly, another trader purchased 2.58 million WIF tokens, resulting in a profit of $4.12 million.

The surge in meme coins has coincided with a resurgence in the popularity of Dogecoin, which has a market capitalization of $25 billion. As a result, new meme coins launched in late 2023, prior to the recent bull market in cryptocurrencies, have provided early investors with significant returns.

For more news and updates on the latest trends in cryptocurrency investing, visit Global Crypto News.

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