Solana Meme Coin Trader Makes 4,497x Profit Amid Bearish Market
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dogwifhat (WIF) price is following the broader market’s trend as altcoins have consistently declined over the past week. Many investors sold their holdings to secure whatever gains they have noted, including one investor making millions of WIF.
Most meme coin traders opt for rapid asset buying and selling, but one WIF holder chose to play the long game. This trader's decision resulted in earning over $24 million in profit from an initial investment of $5,340 in 14.53 million WIF.
The selling occurred mostly over the past day, coinciding with a nearly 16% drop in the WIF price. This added to a week-long decline, summing up to a 40% drawdown. The altcoin failed to achieve a potential 35% rally, and WIF is now trading at $1.69.
Despite this significant gain for the trader, the broader Solana meme coin market is losing momentum. Solana meme coins’ market cap declined by 13.9% to $7.14 billion in the last 24 hours. Coins like Popcat (POPCAT) and Book Of Meme (BOME) also experienced substantial declines.
The continued drawdown in Solana meme coins could potentially lead to higher selling volumes, potentially affecting the hype and value of these tokens long-term.
Source: beincrypto.com ↗
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