Memecoin’s Biggest Investor Earns $68 Million and Still Buying
The investor who holds the largest amount of Dogwifhat (WIF) tokens continues to grow his wallet.
Dogwifhat, a memecoin based on Solana (SOL), ranks fourth among memecoins with a market cap of $1.63 billion, according to data. The WIF price is up 3 percent on a daily basis and 9.6 percent on a weekly basis, and is currently trading at $1.63.
Started taking long positions
According to blockchain analytics platform Lookonchain, the investor who holds the largest amount of WIF invested 21.9 million WIF ($35.48 million) in Kamino and borrowed 2.61 million USDC.
The investor used these stablecoins to buy approximately 1.8 million more WIF at $1.50 each over the past three days.
He made around $70 million
This investor spent around $226,000 to buy 19.86 million WIFs for just $0.0114 each between December 13-15, 2023.
The investor then spent 86,738 Solanas ($8.92 million) to buy 17.23 million WIFs in a single transaction on the Solana network.
According to the records, the whale still has 27.2 million WIFs ($44.36 million) in his wallet. This address, whose identity is unknown, earned over $68 million thanks to his memecoin investment.
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