#TrendingTopic Savvy Solana trader turns $6,000 in SOL into millions in realized profits through WIF tradesAccording to Arkham Intelligence, a savvy trader has capitalized on the Solana meme coin Dogwifhat (#WIF ) frenzy, generating 33,000% returns on his Solana investment.In a new tweet, Arkham Intelligence spotlights onchainclown, a #solana✈️ trader who has traded dozens of meme coins over the past two months. The trader was able to turn $6,000 in #sol into millions in realized profit, growing his $SOL investment by 330 times.Elite Trader Analysis: 330x on SolanaIt’s Solana season - again.With WIF breaking above a $1B valuation, let’s flashback to one of the traders we looked at almost 2 months ago.onchainclown.sol previously made $1.35M in profit from $6K - now he’s up to over $2M. https://t.co/74jQQl7yCl— Arkham (@ArkhamIntel) March 2, 2024Onchainclown’s best performance so far has been on the coin WIF. The savvy trader made a buy-in of only 102 SOL, around $6,000 at the time, and is now up $2 million in total profit as WIF surpasses the $1 billion market capitalization.The Solana trader bought WIF around two weeks after it was deployed on-chain, managing to acquire 2.6% of the supply. Two months after the purchase, he gradually sold off his WIF, generating gains of approximately 9,140 SOL or $880,000.The trader still holds significant amounts of WIF across his accounts for a total profit of $2 million, representing a return of more than 330x on his initial investment of 102 SOL.Dogwifhat, a dog-themed meme coin released on the #SolanaBlockchain over three months ago, has emerged as the clear winner of the latest rally.WIF reached a remarkable all-time high of $1.77 in today's trading session, overtaking tokens such as Floki ($FLOKI ) to become the third largest dog token behind Dogecoin and Shiba Inu. WIF has joined the top 100 cryptocurrencies by market capitalization, ranking 58th with a market value of $1.74 billion.The market for dog coins has expanded rapidly since the beginning of March 2024. At the time of writing, WIF had risen 37.92% in the previous 24 hours to $1.75. The token has increased by 438.69% in the last seven days. Speculations that Dogwifhat has been quietly listed on Robinhood's European crypto trading platform have also contributed to its weekly price increase.

$BONK

Bonk (BONK), the Solana-based meme coin inspired by the Shiba Inu dog, has seen a resurgence in price after a recent dip. Here's a breakdown of the current situation:
Price Recovery: After a correction that saw BONK tumble by nearly 20%, the coin has experienced a significant rebound. As of now, #BONK. is trading at around $0.000034, reflecting a 17.8% increase in the last 24 hours.
Rally or Squeeze? Analysts are divided on the reason behind the price surge. Some believe it's a genuine rally fueled by renewed investor interest in meme coins and the broader market recovery.
However, others suspect a short squeeze might be at play. Short sellers who bet on BONK's price to fall might be scrambling to buy back their positions, leading to a temporary price rise.
Solana Ecosystem Buzz: The recent surge in popularity of #Dogwifhat, another #solana✈️ meme coin, could be spilling over to BONK, boosting its visibility and attracting new investors.
Uncertain Future: Despite the current upswing, BONK's future remains uncertain.
Utility Concerns: Like many meme coins, BONK lacks a clear purpose or defined use case beyond its association with memes. This raises questions about its long-term viability.Solana Network Issues: Recent congestion and outages on the Solana network have cast a shadow over projects built on it. Addressing scalability issues will be crucial for BONK's sustained growth.
Should You Invest in Bonk?
High Volatility: Meme coins are known for their extreme price fluctuations. Investing in BONK carries significant risk.Conduct Thorough Research: Before investing, thoroughly research the project, understand the risks involved, and only invest what you can afford to lose.
The Future of Bonk
Bonk's path forward depends on several factors:
Developing Utility: If BONK can integrate with established DeFi applications or develop its own unique use case, it could gain wider adoption.Solana Network Stability: Overcoming scalability challenges and ensuring network stability will be vital for the entire Solana ecosystem, including BONK.
Overall, while Bonk is experiencing a price rebound, the reasons and its long-term outlook remain uncertain. Investors should approach BONK with caution and conduct thorough research before making any investment decisions.

#TrendingTopic #BONKUSTD