A trader is reaping massive profits on a Solana-based memecoin called dogwifhat (WIF), which has seen a 51x increase in value this year, according to data from blockchain tracking firm Lookonchain. The trader purchased 6.1 million WIF for $5,879 in December 2023 and has since sold a series of strategic sales, resulting in a gain of 118,967%. Currently, they still hold 1.4 million WIF, worth $5.47 million, and have made a profit of approximately $7 million. On January 10th, WIF was trading at $0.069, and it is now trading at $3.53, representing a gain of over 51x.

Another trader mentioned by Lookonchain has made significant unrealized profits by buying nearly 119,000 units of MAGA (TRUMP), a memecoin inspired by former president Donald Trump. This trader spent 1.15 million USDT to purchase 118,671 TRUMP at an average price of $9.69 in the past two weeks. They currently have an unrealized profit of $540,000 on TRUMP, which is currently trading at $13.91, up more than 1% in the last 24 hours.

In addition, Lookonchain reports that a savvy trader has made a total of $41.38 million in profits by trading WIF, along with two other memecoins, Jeo Boden (BODEN) and Bonk (BONK). This trader sold all 539,558 WIF for 11,708 SOL ($2 million) at a price of $3.70 on May 28th, resulting in realized profits of $24.1 million on WIF, $11 million on BODEN, and $6.28 million on BONK. BONK is currently trading at $0.00003445, down 6.6% in the last 24 hours, while BODEN is trading at $0.30, down 3.5% on the day.

It is important to note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making any high-risk investments in cryptocurrencies or digital assets. Transfers and trades are done at one’s own risk, and any losses incurred are the responsibility of the individual. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.