Dogwifhat traders are making huge profits. Most coin traders prefer to buy and sell assets quickly and charge %.
#Solana #Meme coin traders make 4497x profit during bear market Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director Director.
the price of Solana Meme dogwifhat (WIF) has fallen nearly 40% over the past week, trading at USD 1.69.
Lookonchain noted that one trader sold a total of 14.5 million WIFs worth more than USD 23 million in a single day.
the market value of #SOL coins fell 14% in 24 hours, which could lead to an intensified sell-off among SOL coin holders.
While most meme traders prefer to buy and sell assets quickly to lock in profits, one #WIF owner decided to play the long game: according to an analyst account on Lookonchain, this trader sold most of his WIF and bought it back on November 30, 2023.
the time, the trader bought 14.53 million WIFs for just $5,340 and sold them eight months later. Today, those WIFs brought the trader a profit of more than 24 million US dollars.
The majority of the sales came on the last day of the week, as the meme coins fell by almost 16% in one day. This drop, combined with last week's drawdown, resulted in a nearly 40% decline in the WIF price. The altcoin failed to rise by a potential 35%, stemming from a bullish double-bottom pattern. This rise should have lifted the WIF price above $3.18. However, this pattern did not work and led to a decline of the meme coin. At the time of writing, WIF was trading at $BTC This shows that it was not the traders' decisions that influenced the prices, but vice versa. Thus, a return of 4.497 times the profit was achieved in a bear market, while the return would have been higher in a bull market.
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