The popular Solana meme coin Dogwifhat (WIF) has caught the attention of whale investors, who saw an opportunity to profit from the meme coin frenzy on the Solana network.
According to Lookonchain, 12 fresh wallets that appear to be “insiders” generated huge profits of approximately 770 ETH on their recent WIF buys. This sparked a buying frenzy among other investors, who hoped to ride the wave and sell at a higher price.
A total of 12 fresh wallets made a profit of 770 ETH worth $1.77 million on Dogwifhat with only 1.6 ETH, or $3,694, according to Lookonchain. It adds that these wallets were created yesterday and bought Dogwifhat in the same block where the deployer opened trading.
12 fresh wallets (insiders) made a profit of 770 $ETH($1.77M) on #dogwifhat with only 1.6 $ETH($3,694)!😱
These wallets were created yesterday and bought #dogwifhat in the same block where the deployer opened trading.
Other users started to buy #dogwifhat 12 minutes later.… pic.twitter.com/d3cil8DB8t
— Lookonchain (@lookonchain) February 3, 2024
Other users started to buy Dogwifhat 12 minutes later. According to Lookonchain, these 12 wallets spent 1.6 ETH ($3,694) to buy 24 million Dogwifhat and sold 15.34 million Dogwifhat for 771.86 ETH ($1.78 million). These wallets still have 8.65 million WIF valued at $838,000 remaining.
Dogwifhat (WIF) has had a wild ride since its inception, skyrocketing by approximately 20,000% in a relatively short time. On Jan. 18, 2024, Dogwifhat (WIF) reached an all-time high of $0.4625.
Much of the token’s memetic value stems from its association with an image of a dog wearing a hat, as well as the “wif hat” slang that has spread and flourished in crypto circles.
Dogwifhat has fallen from its recent highs after early investors took profits on their large gains, including those who made millions of dollars from a small initial investment.
The falls continued until press time, with WIF dropping 10.2% in the last 24 hours to $0.2234. The current price is 51.64% lower than the all-time high. Furthermore, the current price is 14,287.04% higher than the all-time low of $0.001555 set on Dec. 13, 2023.
