Crypto Trader Turns $1K Into $100K on Solana’s Newest Memecoin, Dogwifhat
Like it or not, dog tokens are driving big business in the crypto markets.
Dumb money is roaring back into the crypto markets, with one trader turning $1,000 into well over $100,000 by betting on, of all things, a token whose mascot is a dog wearing a beanie.
Pseudonymous crypto enthusiast Blockgraze told CoinDesk he bought the memecoin Dogwifhat (WIF) in late November, shortly after it debuted on the Solana blockchain's DeFi markets.
"I thought the dog with the hat was very funny and so I bought some," he said, noting he's since realized $25,000 in profits while letting the rest of his gamble ride in his wallet.
And a gamble it truly is. Anyone can spin up a cryptocurrency, create a market for it and hope it catches some bids. But those associated with memes, and particularly with memes of the shiba inu dog breed, have a tendency to balloon in value and sometimes even endure.
That much was true of Solana's top memecoin, BONK. It launched last Christmas in an airdrop and quickly rallied before dying down. It began climbing again in October and just this week got listed by Coinbase, signaling how funny money can yield big business.
Still, 100x memecoin trades are more luck than skill, said Blockgraze, a part-time crypto trader who said he works with consumer startups. He compares it to gambling.
"The secret is to be an idiot I think," he said.
"I should have probably sold several times, but the dog had a hat."
Edited by Nikhilesh De.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
VIPBitget VIP Weekly Research Insights
Stablecoins have recently emerged as a key focus for central banks and financial institutions, with the potential to reshape global payment systems and financial infrastructure. According to data from Chainalysis, stablecoins have surged to a monthly trading volume of trillions of dollars, accounting for 60% to 80% of total cryptocurrency trading volume. This explosive growth has attracted significant attention from traditional financial players, who are accelerating their integration into the digital economy by issuing stablecoins, contributing to blockchain network development, and offering related financial services. In the U.S., financial giants such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the potential of jointly issuing stablecoins. At the same time, regulatory discussions surrounding stablecoins and the proposed GENIUS Act are gaining significant momentum in mainstream media. In the Web2 world, traditional companies like Stripe have entered the space by acquiring Bridge to build out stablecoin payment capabilities. Meanwhile, Circle has emerged as one of the most influential crypto firms in the U.S. stock market, second only to Coinbase, driven by the success of its USDC stablecoin. In the DeFi space, Yield-Bearing Stablecoins (YBS) are drawing substantial capital inflows with their innovative interest-generating mechanisms.
Trending news
MoreCrypto prices
More
