Trader turns $1,000 into $200,000 on meme token WIF

A crypto trader using the pseudonym Blockgraze turned $1,000 into $200,000 by trading the meme token Dogwifhat (WIF), whose mascot is a dog in a knitted hat. He told CoinDesk in an interview with CoinDesk.

The user bought WIF in late November after its debut on Solana’s DeFi market.

According to CoinGecko, at the time of writing the asset was trading at $0.0379, and the 24-hour trading volume reached $14 million.

“I thought the dog in the hat was very funny, and that’s why I bought the coin,” he said.

Blockgraze added that he has already withdrawn $75,000, while the rest of the tokens remain in his wallet. His portfolio also includes the meme token BONK.

As of December 15 the trader had 5.4 million WIF worth about $175,000 after the price drop. He plans to hold the assets for now.

took out taxes into my real
bank account and flipped my BONK and WIF sales from SOL to cash on Coinbase so I can sleep tonight

have 5.4 million WIF left now worth about $175k on this dip

have sold about $70k WIF I think

HODLing as much as I can tolerate

?

— blockgraze (@blockgraze) December 15, 2023

Nevertheless, 100x trades in meme tokens are more luck than skill, Blockgraze emphasised. He also compared this market direction to gambling.

“I think the secret is to be an idiot. Maybe I should have sold the assets several times, but the dog had a hat,” he added.

BONK rally

Another Solana-based meme token and also featuring a dog — Bonk (BONK) — rose 100% in 24 hours after Coinbase listing. Its market capitalization has surpassed $1.7 billion.

Coinbase will add support for Bonk (BONK) on the Solana network (SPL token). Do not send this asset over other networks or your funds may be lost. Transfers for this asset are available on @Coinbase & @CoinbaseExch in the regions where trading is supported.

— Coinbase Assets ?️? (@CoinbaseAssets) December 13, 2023

Binance later announced the listing of the asset.

The token showed weak momentum since its appearance in November 2022. However, after 12 months it began to come alive, recording a tenfold rise.

The meme token has found use in a protocol. Several Solana projects integrated the coin for use as payment for non-fungible tokens.

Other users used BONK’s burn mechanism to create NFT events.

Bonk is a team of 22 people with no single leader, according to CoinDesk’s token developers. The project does not consider itself a competitor to Dogecoin (DOGE) or Shiba Inu (SHIB), as it differs from other “dog” coins on the market.

“BONK is already more useful than any of these tokens. You can’t do much with SHIB or DOGE in the blockchain. Meanwhile, with us there are already more than 50 integrations,” said one of the project’s founders.

Moreover, Bonk became the largest sponsor of the Sandstorm hackathon.

$BONK is proud to be the largest sponsor of the Sandstorm Hackathon! https://t.co/8LSOvV54X8 pic.twitter.com/3Ur4aSUNYU

— Bonk! (@bonk_inu) January 12, 2023

On Christmas last year some Solana developers who filled out a form received an airdrop of 25 billion BONK. At the time these assets were worth about $900, but today they are valued at $500,000.

The coolest thing about this is that 500-900$ is actually worth quite a bit in certain places of the world (e.g. Turkish Lira was down 83% wrt to USD), so hopefully this helps them build with a bit more comfort

— mert | helius.dev (d/acc) (@0xMert_) December 25, 2022

Некоторые энтузиасты начали охотится за аирдропом мем-токена с помощью Web3-смартфона Solana Saga. С момента запуска устройства в мае каждый покупатель претендует на получение 30 млн BONK.

В определенный момент эти монеты стоили около $900, тогда как Saga продается по $599. Ажиотаж вокруг необычной арбитражной возможности вызвал рост продаж смартфонов Solana в 10 раз. 

lol. just so everyone is aware, @solanamobile saga sales have >10x’d in the past 48 hours, and are now on track to sell out before the new year.https://t.co/SzKht4DTYL

— raj ? (@rajgokal) December 14, 2023

Сооснователь блокчейна Анатолий Яковенко даже предложил поднять цену на Saga.

As reported, on December 6, in its 10-year anniversary, DOGE reached an annual high of $0.102. Earlier, the community initiated the launch of a wallet with tokens on Luna.