Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert & block trade
Convert crypto with one click and zero fees
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bull Market Things: How This Trader Turned $310 Into Almost $1.5 Million Trading Solana Meme Coins

Bull Market Things: How This Trader Turned $310 Into Almost $1.5 Million Trading Solana Meme Coins

CryptopotatoCryptopotato2024/02/27 13:34
By:Dimitar DzhondzhorovMore posts by this author

Check out how a trader dealing with SOL and WIF made a paper profit of approximately $1.4 million in just three months.

TL;DR

  • Solana’s meme coin WIF hit a new ATH, delivering substantial profits to early investors.
  • Despite the significant gains, the meme coin sector hides its risks, and investors should be extra cautious when entering it.

Making Multi-Million Profits in Mere Months

The cryptocurrency market has recently exploded, with Bitcoin (BTC)  reaching  almost $57,000 (a price last observed at the end of 2021). 

Multiple altcoins, including recently emerged meme coins, are also well in the green, skyrocketing to unseen peaks. One example is dogwifhat (WIF), whose value has  soared  by approximately 50% on a daily scale, hitting an all-time high of $0.55 (per CoinGecko’s data).

The asset’s upswing has benefited traders who bought in its early days. According to Lookonchain, one person who purchased 2.58 million WIF tokens with only $310 worth of Solana (SOL) currently sits  on paper profits of approximately $1.4 million. 

The blockchain analytics platform  revealed  another case in which a “smart trader” had spent 14,000 SOL ($1.54 million) to buy 4 million WIF since February 16. Due to the meme coin’s price appreciation, the current unrealized profit has swelled to $582,000.

The same trader previously purchased 3.98 million WIF for 5,000 SOL and later sold the stash for 6,443 SOL, gaining around $150,000.

WIF’s Rapid Progress

The Solana-based meme coin came into existence at the end of 2023 and quickly captured the attention of industry participants due to its exponential price surge. It skyrocketed from a mere $0.002 in mid-December to over $0.30 at the end of the month.

The meme coin also became quite popular on social media platforms, such as X. Even Arthur Hayes, the co-founder of BitMEX, tweeted about WIF, jokingly posting a photo of him wearing a hat (referring to the token’s name and logo).

Despite the substantial rally, traders should keep in mind that dealing with dogwifhat (and meme coins in general) could be risky due to their tremendous volatility. Those willing to dive deeper into the matter can take a look at our dedicated video below:

0

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.

PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

New spot margin trading pair — HOLO/USDT!

Bitget Announcement2025/09/12 07:46

FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

- FUN plunged 32.34% in 24 hours to $0.008938, marking a 541.8% monthly loss amid prolonged bearish trends. - Technical breakdowns, elevated selling pressure, and forced liquidations highlight deteriorating market sentiment and risk-off behavior. - Analysts identify key support below $0.0080 as critical, with bearish momentum confirmed by RSI (<30) and MACD indicators. - A trend-following backtest strategy proposes short positions based on technical signals to capitalize on extended downward trajectories.

Bitget-RWA2025/09/12 06:14
FUN drops by 32.34% within 24 hours as it faces a steep short-term downturn

OPEN has dropped by 189.51% within 24 hours during a significant market pullback

- OPEN's price plummeted 189.51% in 24 hours to $0.8907, marking its largest intraday decline in history. - The token fell 3793.63% over 7 days, matching identical monthly and yearly declines, signaling severe bearish momentum. - Technical analysts cite broken support levels and lack of bullish catalysts as key drivers of the sustained sell-off. - Absence of stabilizing volume or reversal patterns leaves the market vulnerable to further downward pressure.

Bitget-RWA2025/09/12 06:14
OPEN has dropped by 189.51% within 24 hours during a significant market pullback

New spot margin trading pair — LINEA/USDT!

Bitget Announcement2025/09/11 10:04