Solana (SOL) based memecoin Dogwifhat (WIF) has surprisingly surged by 300 percent in the last 7 days, initiating a significant price rally. With this rally, the price reached $1.25, and the increase in the value of the altcoin led to reports of some investors making high profits, with individuals earning millions of dollars in a very short period.
$310 Investment Skyrockets to $3.12 Million
According to information provided by on-chain data provider Lookonchain, a particularly notable development emerged amidst Dogwifhat’s meteoric rise. Data shows that an investor who initially deposited only 5,288 SOL to purchase 2.58 million units of WIF for $310, is now facing an extraordinary gain on this investment. The initial $310 expenditure turned into a staggering profit of 10,075 times the original investment, soaring to $3.12 million in just three months.
Following its impressive rise, whales’ interest in Dogwifhat continues to be strong, underlining the altcoin’s growing significance in the crypto world. In a recent transaction involving a whale, it was observed that 1.49 million units of WIF were purchased for 9,999 SOL at a price of $0.8995 per token, amounting to an investment of approximately $1.34 million. This significant investment is part of the increasing allure of WIF among leading market participants.
The interest in Dogwifhat and the increase in investments have been bolstered by recent announcements from major platforms. Notably, on Thursday, February 29, Robinhood announced that it would list WIF, enhancing the altcoin’s credibility and accessibility to a broader investor base.
Rise of the Memecoins
The general excitement surrounding memecoins appears to have contributed greatly to Dogwifhat’s ongoing rally. In the last 24 hours, Shiba Inu (SHIB) has seen a notable rise of 52.85%, reaching $0.00001976 with a market value of $11.65 billion.
The largest memecoin, Dogecoin (DOGE), is also on a similar trajectory. DOGE has risen by 18% in the last 24 hours, surpassing $0.15, and its price has increased by an impressive 66% in just a week, indicating the continued interest in memecoin-based altcoins.
