dogwifhat (WIF) trader counts millions in profits after holding the memecoin for eight months.
Multiple crypto wallet addresses suspected to belong to one individual have offloaded millions of dogwifhat (WIF) tokens, booking a 4,497x profit on the memecoin.
The development comes amid a broader market downturn that saw WIF plunge over 35% in the last week and over 12% within the last 24 hours. As of press time, WIF was down 66% from its all-time high price of $4.85 four months ago.
WIF Trader Reaps Millions After Eight Months of âHODLingâ
According to the blockchain analytics platform Lookonchain, the trader bought 14.53 million WIF on November 30 last year for $5,340, and held onto the tokens for about eight months despite market headwinds.
Between August 2 and 3, the trader sold all the tokens at about $1.85 per coin, realizing a massive profit of $24 million. If the trader had sold the tokens when WIF was exchanging hands at $4.85, the profits would have surged 12,927 times, to about $69 million
While WIF has taken a downward trajectory since the sell-off, prior price movements suggest the traderâs action hardly influenced the tokenâs value. The selling took place after WIF had plunged 16% in the previous day, adding to the already long-running drawdown from the past month.
The token missed its much-anticipated rally arising from a bullish double-bottom pattern it made earlier, which likely prompted the trader to sell for profits. WIF exchanged hands at $1.61 at the time of writing.
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