A trader gambled $226K on Solana memecoin and raised $1.69M in 5 days.

The Solana memecoin frenzy continues after a trader turned $226,000 into well over $1.6 million in a beanie-wearing dog.

Between December 13th and 15th, a crypto trader bought more than 19 million Dogwifhat (WIF) tokens, the dog-themed memecoin, as soon as it was launched on markets in the Solana network. According to blockchain analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the total value of the tokens hovers around $1.69 million, making the trader a profit of $1.47 million in five days.

Thanks to the $WIF token, this trader turned $226K into $1.69M in 5 days.

This trader bought 19.86M $WIF between December 13th and 15th at an average price of $0.01137.

$19.86M WIF is now $1.69M and ~$1.47M in 5 days pic.twitter.com/xsBBOivbhW

— Lookonchain (@lookonchain) December 18, 2023

As a new wave of interest hits the Solana ecosystem, memecoins based on the network are starting to make huge profits. On December 8, a dog-themed memecoin called Bonk (BONK) became the third largest memecoin by market capitalization, joining the dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three, and Pepecoin (PEPE) ), a frog-themed memecoin.

Bonk's price increased by 370% in the 30 days to December 11, going from $0.0000028 to $0.00002 at the time of writing. The token outperformed the growth of dog memecoins SHIB and DOGE, which grew by 20% and 35% in the same period.

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The buzz around Bonk also boosted Solana Saga's mobile phone sales. Solana Saga Phone has received 30 million airdrops of memecoin since its launch. As the value of the token increases, users grab the opportunity to make a profit by buying the phone and selling the tokens.

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