The frenzy over Solana-based memecoins continues unabated, with a trader transforming an investment of $226,000 into more than $1.6 million by betting on a token featuring a dog wearing a beanie as its mascot.
Between December 13 and 15, a cryptocurrency trader bought over 19 million Dogwifhat (WIF) tokens, a meme coin centered around a dog theme, during its initial market debut on the Solana network. These tokens were acquired at an average price of $0.01137, as per data from Lookonchain, a blockchain analytics company. Presently, the collective value of these tokens stands at approximately $1.69 million, translating to profits of around $1.47 million within merely five days.
Amidst a fresh wave of interest surging through the Solana ecosystem, memecoins linked to the network are yielding substantial returns. On December 8, a dog-themed memecoin named Bonk (BONK) surged to become the third-largest memecoin by market capitalization, ascending to the ranks alongside other dog-themed memecoins like Shiba Inu and dogecoin, surpassing Pepecoin, a frog-themed meme coin.
As of December 11, Bonk has witnessed a staggering 370% price surge within 30 days, escalating from $0.0000028 to $0.00002 at the time of reporting. Notably, this growth has outpaced the ascent of other dog-themed meme coins SHIB and DOGE, which experienced increases of 20% and 35%, respectively, during the same period. The hype encircling Bonk has also triggered a spike in sales for the Solana Saga phone. Following its launch, Solana Saga mobile users received an airdrop of 30 million memecoins. Capitalizing on the token's rising value, users are seizing the chance to profit by purchasing the phone and subsequently selling the token.
