Cryptocurrency Trader Parlays $310 into $5 Million over Three Months

Last updated:

March 8, 2024 12:30 EST

| 2 min read

An astute cryptocurrency trader magnified a $310 investment into a staggering $5 million within a quarter of a year, according to intelligence disclosed by the on-chain analytics aficionado X account @lookonchain.

The significant gain emanated from deploying capital into the Solana-based meme token dogwifhat (WIF), which saw an exponential rise in value in 2024.

The sagacious trader initiated their journey with a mere 5.288 $SOL ($310) to procure 2.58M $WIF ($4.1M currently), and began realizing profits by divesting at peak values.

The trader strategically liquidated 750K $WIF for 9,363 $SOL ($1.21M) at a stellar $1.61 per token, while still retaining 1.83M $WIF ($2.91M).

The cumulative profit reached an extraordinary $4.12M(13,307x)!https://t.co/Fc8EWZ673m
pic.twitter.com/elFRilLtNd

— Lookonchain (@lookonchain) March 4, 2024

The trader capitalized on the purchase of 5.288 SOL (valued at $310 during the venture) to amass 2.58 million WIF tokens in late November.

In the current market scenario, where each WIF token is pegged at $2.30, the combined value of 2.58 million WIF tokens would close in at nearly $6 million.

However, it seems that the trader has been proactively securing profits.

Analysis from solscan.io reveals that their WIF stake is now counted at 1.831 million tokens, presently assessed at approximately $4 million in market value.

Moreover, the said account now exhibits an accumulation of 9,362 SOL tokens, with an approximate worth just shy of $950,000.

The anecdote of the cryptocurrency enthusiast turning a modest investment of $310 into $5 million within three months could very well cement its status as a phenomenal success narrative of this bullish period.

The Surge of Meme Coin Enthusiasm

In what can be described as a spectacular trend, Bitcoin soared to unprecedented highs above $70,000 on Friday and, following its trail, major meme tokens have also witnessed significant surges.

Meme tokens such as Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Shiba Inu (SHIB), and Dogecoin (DOGE) have all made the leaderboard for top-performing cryptocurrencies on Friday, reporting hikes between 10-30% in a single day, as cataloged by CoinMarketCap.

Simultaneously, Floki (FLOKI) has seen an approximately 80% increment in the same timeframe.

The market capitalization of each of these meme coins has now escalated past the $2 billion benchmark.

Dogecoin and Shiba Inu, in contrast, boast market capitalizations exceeding $20 billion, indicating that the potential for further upside might be narrowing.

A lesser-known meme token valued below $200 million presents a more pliable chance of securing 100x gains, prompting investors to embark on a quest for hidden gems with a smaller market footprint but higher growth prospects.

Sought-After Meme Coin – Smog (SMOG)

Recently, a Solana-based meme coin known as Smog (SMOG) has captured the attention of the market as its valuation surged nearly 8-fold since late February, reaching a market capitalization of $270 million as indicated by DEXTools.

This dragon-themed digital asset bills itself as the purveyor of the grandest airdrop in Solana’s history.

Investors looking to be eligible for this airdrop can acquire Smog tokens on Solana or engage in token staking on the Ethereum platform.

Despite its relatively modest market cap, Smog has already garnered a robust community presence, with over 60,000 holders as reported by birdeye.so.

The fervor surrounding airdrops in Solana, in recent times, may propel significant traction towards Smog in the forthcoming weeks.

SMOG presents an opportunity for delivering at least 10x to its investors, hence its recommendation within the best cryptocurrency meme tokens to invest in at present.

It is noteworthy that trades can avail a 10% concession when procuring Smog directly from the project’s website, and also engage in token staking for a 42% Annual Percentage Yield (APY).

Secure SMOG Here