As the calendars marked the beginning of March, five out of the seven cryptocurrencies that saw the most significant weekly gains were meme coins. This situation held a significant place for meme coins amidst the ongoing bull market.
WIF Makes an Investor Rich
In 2023, as cryptocurrencies were recovering, new faces in meme coins began to emerge. Last year, the frog-themed meme coin Pepe (PEPE) attracted most of the attention. Alongside it, a lesser-known meme coin on the Solana (SOL) blockchain paved the way for new millionaires.
Before its market launch on November 30, 2023, a crypto investor added 5.1 million Dogwifhat (WIF) to their wallet for $1,749 and has continued to hold them since that date. The surprising surge of over 1200% in WIF during this period turned the investor’s $1,749 investment into $10.9 million.
However, it turned out that holding this amount of WIF came with its problems. According to a post shared by Lookonchain, attempts were made to sell Dogwifhat on the Jupiter exchange, but the transaction did not occur due to an excessively high sales limit order.
The investor who failed to sell began transferring the large amount of WIF to new wallets.
It is known that this person is not the only investor who became wealthy due to WIF on Solana. Another investor who purchased about $310 worth of Dogwifhat in November had drawn all attention by earning more than $4 million by March 4, making over $1 million in profit by that date.
WIF Price Outlook
Since its emergence in the last period of 2023, WIF has greatly capitalized on the general uptrend of the crypto market. Despite a slow start, the meme coin experienced an incredible surge of 1215.22% in total.
A significant portion of this rise for WIF occurred in the last 30 days, with gains of 915.44%. Although the rise has slowed down in recent days, WIF is still up 114.61% despite significant price fluctuations.
On the other hand, a strong upward trend in the meme coin sector seemed to have restarted in the last 24 hours. Dogwifhat is trading at $2.16, up 17%.
