Here's How Trader Makes $582,000 Taking A Long Position On 'Shiba Inu Killer' Dogwifhat

A trader who capitalized on the astounding price surge of Dogwifhat WIF/USD by taking a long position at an opportune time is now sitting on unrealized gains of over half a million dollars.

What Happened: Dogwifhat is up 47% on the day and 86% on the week, leaving established memecoins such as Dogecoin DOGE/USD and Shiba Inu SHIB/USD in the dust.

Lookonchain data highlighted an unknown trader who spent 4,900 Solana SOL/USD, worth $539,000, to purchase 1.43 million Dofwifhat on the day before the most recent price surge.

Since Feb.16, 2024, the trader has spent 14,000 Solana, equivalent to $1.54 million, to purchase 4 million Dogwifhat, bringing the current unrealized profit to around $582,000.

The trader spent another 5,000 Solana to purchase 3.98 million Dogwifhat and later sold it for 6,443 Solana, thereby making a profit of 1,443 Solana worth $147,000.

Also Read: Solana-Based Shiba Inu Rival 'Dogwifhat' Rockets 35% As Binance Introduces WIF Futures Contract

Why It Matters: In the past 24 hours, Dogwifhat skyrocketed 47%, with the market capitalization of the token almost doubling to $623.7 million from $338.6 million a week ago.

Dogwifhat surpassed the also trending Floki FLOKI/USD, standing at $491.6 million in market cap,

Among Coingecko’s top dog-themed coins, Dogwifhat ranked fourth and was one of the highest gainers in the group.

While the memecoins valuation and rally have no connection to real-world utility, bigger traders and analysts have also started to observe Dogwifhat closely.

Highly-followed trader Hsaka tweeted a cryptic message of support:

Another notable trader, TheFlowHorse, also stated on his X account, “There are some mega obvious setups across the board. Few are as clear as $WIF right here. This base is setting up a much larger leg higher again.”

While the crypto community is buzzing with talks of Binance and Coinbase considering a Dogwifhat listing, the memecoin has already seen a significant rally in recent weeks.

Read Next: Dogwifhat Up 23% As This Solana Darling Ranks 5th By Memecoin Mcap: 'The Doge Of This Cycle,' Says Crypto Expert