Solana ecosystem’s memecoin frenzy persists. Accordingly, a trader made a serious decision on a token featuring a dog with a beanie as its mascot, investing $226,000. Following this move, the trader’s investment soared above $1.6 million, causing a significant stir in crypto communities.
Memecoin Projects Continue to Yield Profits
With the rise in Solana’s price, interest in the ecosystem continues to grow. Between December 13 and December 15, a crypto investor purchased over 19 million tokens of a dog-themed memecoin called Dogwifhat (WIF) presented in the Solana ecosystem.
According to blockchain data analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the total value of the investment hovers around $1.69 million, and in this case, the trader managed to make a profit of approximately $1.47 million within five days.
The BONK Wave in the Solana Ecosystem
As a new hype wave continues to hit the Solana ecosystem, blockchain-based memecoin projects on Solana have started to yield significant gains. On December 8, the dog-themed memecoin project Bonk (BONK) became the third-largest memecoin by market value, surpassing other dog-themed memecoin projects like Shiba Inu and Dogecoin, and leaving the frog-themed memecoin Pepecoin behind in market value.
Bonk’s price increased by 370% in the 30 days leading up to December 11, rising from $0.0000028 to $0.00002 at the time of writing. The token drew significant attention by outperforming other dog-themed memecoin projects like SHIB, which saw a 20% increase, and DOGE, which saw a 35% increase, during the same period.
The interest surrounding Bonk also boosted the sales of the Saga mobile phone launched by the Solana team. Since its launch, Solana Saga phone owners have been entitled to receive an airdrop worth 30 million BONK from the memecoin project. With the token price rising, users had the opportunity to profit by purchasing the phone and selling the tokens.
