Trader Begins Offloading Meme Coin After 4530-Fold Profit on WIF

An investor who previously earned over $1 million from the rise in the price of the meme token WIF has started selling the coin. Analysts at Lookonchain noted this development. 

The trader who spent only 5.288 $SOL($310) to buy 2.58M $WIF ($4.1M currently) started to sell $WIF for profits at the highest price.

He sold 750K $WIF for 9,363 $SOL($1.21M) at $1.61, with 1.83M $WIF ($2.91M) left.

The total profit is $4.12M(13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd

— Lookonchain (@lookonchain) March 4, 2024

The trader held 2.58 million WIF. After the asset reached a value of $4.1 million, he began exchanging it for Solana.

Starting on March 3, he sold 750,000 WIF for 9,363 SOL ($1.21 million) at a price of $1.61. 

Currently, his wallet still holds 1.83 million WIF valued at $2.91 million.

The total profit amounts to 13,307 times the initial investment — $4.12 million.

At the time of writing, WIF is trading at $1.86 — the meme coin has quadrupled in value over the week, according to CoinGecko. The coin’s market capitalization has exceeded $1.8 billion.

Previously, online broker Robinhood added support for dogwifhat without prior announcement.