Nowadays it is impossible to imagine the crypto markets without them, tokens with a dog as a symbol that ensure gigantic increases. Well-known ones are Dogecoin (DOGE) or Shiba Inu (SHIB), which have become popular through viral internet memes and social media hype. This includes Dogwifhat (WIF), a memecoin based on the Solana network (SOL) where one trader has turned $1,000 into over $100,000.
A 1,000 euro investment in Cardano in January would have resulted in this
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Memecoin Dogwifhat brings huge profits
Dogwifhat (WIF), a memecoin with the symbol of a dog in a hat, was launched on DeFi markets on the Solana blockchain in late November.
Crypto enthusiast Blockgraze, whose real name is unknown, invested $1,000 in this memecoin shortly after its launch. In a message on
Everyone keeps asking me how I found WIF and why I held on
The dog is wearing a hat and every time I looked at the meme it made me laugh
that’s it
– Blockgraze (@blockgraze) December 13, 2023
He has that now Let them know that he made a profit of $25,000 by transferring it to his bank account. He also states in the message that the remaining investment is worth about $130,000.
Blockgraze warns against risky crypto investments
Despite Blockgraze’s realized and unrealized gains, he warns against investing in new memecoins. He points out that it is actually a game of chance where anyone can adopt a cryptocurrency in the hope that the token will gain a lot of value. According to Blockgraze, a 100x increase is more luck than wisdom.
However, he believes that memes related to the Shiba Inu dog breed tend to increase in value and sometimes even persist. The secret of Blockgraze? “Sometimes you have to be an idiot,” Blockgraze said, also noting that he probably should have sold several times but was obsessed with the dog’s hat.
Want to read more about memecoins on the Solana network? The memecoin BONK recently surged following a listing on Coinbase.
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