Cryptocurrency (especially memecoin) has long been known as a "magic" thing that can turn many people into millionaires overnight. Again, this happened once a cryptocurrency trader was recently reported to have made $11 million from just one trade.
How did 1,800 USD Dogwifhat (WIF) turn into 11 million USD?
On-chain analytics platform Lookonchain revealed in a post on These tokens are currently worth about 10.9 million USD. Interestingly, this trader tried to limit the sale of WIF on Jupiter, but the order was not filled due to the high limit price.
Unsuccessful in his attempt to reduce this holding, he chose to hodl and transfer all tokens to a new wallet. It was a life-changing decision as the trader made unrealized profits of more than $10.9 million. When those WIF tokens were purchased, the price remained below $0.20.
Since then, WIF has seen incredible growth, recently hitting an ATH of $2.37 – causing the value of the trader's token holdings to skyrocket significantly. There's a good chance this memecoin's rally isn't over yet, as crypto analyst Bluntz Capital suggests that it could become the second-biggest memecoin, behind only Dogecoin (DOGE).
Furthermore, WIF is still attracting a lot of attention thanks to the token's recent listing on the largest cryptocurrency exchange Binance. That means WIF is likely to record more upside moves. Bluntz predicts that this memecoin could hit the $5 mark.
At the moment, WIF is trading at 2.1 USD with a shocking increase of more than 850% in the past 30 days.
But this is not the first memecoin to do this
There was also previously an anonymous crypto investor (known simply as “Shibtoshi”) who became a billionaire with Shiba Inu (SHIB) by investing $8,000 in August 2020, when the token started first traded. That was before SHIB went crazy in 2021, hitting a 46,000,000% spike. Shibtoshi held those coins for nearly a year until October 2021, with the total value increasing to a whopping $5.7 billion.
The flagship memecoin, DOGE, is also known to have created many millionaires and even billionaires during its time – 2021 has seen dozens of breakouts. A prime example is Glauber Contessoto, known as SlumDOGE Millionaire on X, who saw his holdings reach $2.9 million at DOGE's peak.
