"Wow, it's the best, you've become a millionaire in the blink of an eye."
While the price of the cryptocurrency Bitcoin (BTC) saw bullish momentum, memecoin also refused to be left behind as dogwifhat (WIF) finally managed to cross $0.69 on February 27 yesterday from $0.30 on February 24.
The increase in WIF prices has benefited traders who initially bought 2.58 million WIF worth $310 in Solana (SOL) generating a profit of $1.4 million.
Not only that, a "smart trader" also spent 14,000 SOL worth 41.54 million to buy 4 million WIF since February 16, 2024 and due to the increase in the price of memecoin, his profit rose to $582,000.
Please be informed that the same trader mentioned earlier bought 3.95 million WIF worth 5,000 SOL and then sold his savings to obtain 6,443 SOL worth about $150,000.
It is widely known that the SOL-based memecoin that exists in late 2023 has quickly caught the attention of crypto market participants as the price of WIF from $0.002 in mid-December 2023 has skyrocketed to over $0.30 by the end of the month.
Memecoin also became quite popular on social media platforms such as X after BitMEX co-founder Arthur Hayes tweeted about WIF, where he posted a photo of himself wearing a hat referencing the token's logo.
There is no denying that the price of WIF has seen a massive increase, but all traders should be aware that dealing with memecoin is risky due to its huge volatility.
As of this writing, WIF price has surged by 14.85% to $0.60 in the last 24 hours with a market capitalization of $605 million then recorded a 58.82% climb over the last week.
