Key Takeaways
- A Solana wallet has been identified as the largest DogWifHat holder.
- The owner of the wallet has made $83 million from WIF.
- On Tuesday, the meme coin trader purchased an additional 2.3 million WIF for $4.65 million USDC.
The possibility of making a fortune off a small investment is central to the enduring appeal of meme coins. With each breakout token, stories of traders who flipped coins for tens of thousands of times their purchase value help propel the mythology and add to their memetic allure.
After the price of DogWifHat (WIF) surged in February and April, one trader has already made $83 million in profit. And they’re still snapping up the hat-wearing Solana dog, purchasing another 2.3 million WIF for $4.65 million USDC on Tuesday, June 25.
Meme Coin Millionaire Bullish on WIF
As highlighted by Lookonchain, a Solana account that first purchased nearly 20 million WIF at $0.011 in December has become the single largest holder of the meme coin.
Despite already generating a profit in excess of $80 million, the trader now holds 23.39 million DogWifHat worth over $47 million. The latest move suggests they may be looking to buy the dip after the value of WIF declined by nearly 50% in recent weeks.
Alongside a sizable cache of WIF, the same Solana wallet holds a string of less well-known tokens. Given its owner’s luck in the past, could they too be on course to explode?
Could These Solana Tokens be the Next DogWifHat?
Other cryptocurrencies being held by the wealthy WIF investor include 100 million TOAD and more than 2.3 million Wilfred (WILF).
They have also invested in several copycat and parody coins, including DogWifTie, DogWiFiHat, Rishi Moonak and Jensen Hung.
The Most Succesful Meme Coin Trader Ever?
While the lucky WIF trader is one of the most successful, they aren’t the first person to make millions flipping meme tokens.
One PEPE trader who bought 4.9 trillion tokens for just $3,000 in April 2023 has multiplied the value of their investment over 15,000 times and is currently up more than $46 million.
However, credit for the most profitable meme coin investment ever probably has to go to the person who bought $8,000 worth of Shiba Inu in August 2020. After the historic rally that followed, 400 days later the value of their investment had grown to $5.7 billion.
James Morales is CCN’s blockchain and crypto policy reporter. He has been working in the news media since 2020, writing about topics such as payments, banking and financial technology. These days, he likes to explore the latest blockchain innovations and the evolving landscape of global crypto regulation.
With an educational background in social anthropology and media studies, James uses his platform as a journalist to explore how new technologies work, why they matter and how they might shape our future.
