The memecoin frenzy continues as a trader turned $226,000 into over $1.6 million by betting on a Solana-based memecoin. Between December 13 and December 15, a cryptocurrency trader purchased over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin launched on the Solana network. According to blockchain analytics company 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, yielding a profit of approximately $1.47 million in just 5 days.
As interest grows in the Solana ecosystem, memecoins on the network have started to show significant growth. On December 8, a dog-themed memecoin named Bonk (BONK) became the third-largest memecoin by market capitalization, following Dogecoin (DOGE) and Shiba Inu (SHIB). The price of Bonk has surged by 370% in the 30 days leading up to December 11, going from $0.0000028 to $0.00002 at the time of writing. This token has outperformed the growth of SHIB and DOGE, with their respective increases being 20% and 35% during the same period.