A cryptocurrency trader has turned $310 into $5 million in 3 months, according to data shared by on-chain smart money researcher @lookonchain's account X.
The trader made incredible profits by investing in the Solana-based dogwifhat (WIF) meme coin, which exploded in 2024.
The trader who spent only 5,288 $SOL($310) to buy 2.58 million $WIF (4.1 million dollars currently) began to be sold $WIF to make profits at the highest price.
Sold 750 thousand $WIF for 9,363 $SOL($1.21 million) to $1.61, with 1.83 million $WIF ($2.91 million) remaining.
The total profit is $4.12 million (13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd
— Lookonchain (@lookonchain) March 4, 2024
The trader used 5,288 SOL (worth $310 at the time) to purchase 2.58 million WIF tokens at the end of November.
At the current market price of $2.30, 2.58 million WIF The tokens would be worth about $6 million.
But the trader seems to have already made some profits.
According to solscan.io, his WIF holdings were last 1,831 millionwith a current market valuation of around $4 million.
Meanwhile, the account now has 9,362 SOL tokens worth just under $950,000.
This cryptocurrency trader who turned between $310 and $5 million in 3 months could go down as one of the most legendary stories of this bull market.
Meme Coin Mania continues to grow
In the wake of Bitcoin hitting new all-time highs above $70,000 on Friday, major meme coins continue to pump.
Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Shiba Inu (SHIB) and Dogecoin (DOGE) are among the top 10 performing cryptocurrencies on Friday. up to 10-30% in 24 hoursaccording to CoinMarketCap.
Meanwhile, Floki (FLOKI) is up nearly 80% in 24 hours.
But each of these meme coins now has a market capitalization of at least $2 billion.
Meanwhile, Dogecoin and Shiba Inu have market caps exceeding $20 billion.
That suggests that the room for growth is increasingly limited.
It is much more likely that a meme coin valued at less than $200 million could earn 100x profits, for example.
Therefore, Meme coin investors are looking for alternatives with lower valuation and high potential.
Meme Coin Alternative: Smog (SMOG)
A Solana-based meme coin called Smog (SMOG) has drawn a lot of attention recently as its price rises.
SMOG price has multiplied almost 8 times since the end of February, reaching a market capitalization of $270 million, according to DEXTools.
The dragon-themed token is touted as the biggest Solana airdrop of all time.
Traders can qualify for the airdrop by purchasing a SMOG stake in Solana or staking the token on Ethereum.
Although its market capitalization is modest, SMOG already has a strong community.
In fact, according to birdeye.so, It already has more than 60,000 holders.
Given all the excitement over Solana airdrops in recent months, SMOG could generate significant interest in the coming weeks.
SMOG could offer at least 10x returns to investors, which is why it is ranked as one of the best meme cryptocurrencies to buy now.
Merchants should note that they can receive a 10% discount when purchasing SMOG directly through the project website.
They can also stake their tokens for a 42% APY.
Disclaimer: Cryptocurrencies are a high risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all your capital.
