A cryptocurrency trader has turned $310 into $5 million in 3 months, as per data shared by on-chain smart money sleuth X account @lookonchain.
The trader made whopping profits by investing in Solana-based meme coin dogwifhat (WIF), which blew up in 2024.
The trader who spent only 5.288 $SOL($310) to buy 2.58M $WIF ($4.1M currently) started to sell $WIF for profits at the highest price.
He sold 750K $WIF for 9,363 $SOL($1.21M) at $1.61, with 1.83M $WIF ($2.91M) left.
The total profit is $4.12M(13,307x)!https://t.co/Fc8EWZ673m pic.twitter.com/elFRilLtNd
— Lookonchain (@lookonchain) March 4, 2024
The trader used 5.288 SOL (worth $310 at the time) to buy 2.58 million WIF tokens in late November.
At the current market price of $2.30, 2.58 million WIF tokens would be worth close to $6 million.
But the trader appears to have already been booking some profit.
As per solscan.io, their WIF holdings were last 1.831 million, with a current market valuation of around $4 million.
Meanwhile, the account now holds 9,362 SOL tokens worth just under $950,000.
This cryptocurrency trader turning $310 to $5 million in 3 months could definitely go down as one of this bull market’s most legendary stories.
Meme Coin Mania Continues Growing
In wake of Bitcoin hitting fresh record highs above $70,000 on Friday, major meme coins continue to pump.
Pepe (PEPE), dogwifhat (WIF), Bonk (BONK), Shiba Inu (SHIB) and Dogecoin (DOGE) are all in the top 10 best-performing cryptos on Friday, up between 10-30% in 24 hours, as per CoinMarketCap.
Floki (FLOKI), meanwhile, is up close to 80% in 24 hours.
But each of these meme coins now have a market cap of at least $2 billion.
Dogecoin and Shiba Inu, meanwhile, have market caps of above $20 billion.
That suggests the room for upside is becoming more limited.
A meme coin valued under $200 million is much more likely to be able to secure 100x gains, for example.
Meme coin investors are thus hunting for smaller valuation, high-potential alternatives.
Meme Coin Alternative – Smog (SMOG)
A Solana-based meme coin called Smog (SMOG) has been turning a lot of heads recently as its price pumps.
Its price has pumped nearly 8x since late February to reach a market cap of $270 million, as per DEXTools.
The dragon-themed token markets itself as offering Solana’s greatest airdrop of all time.
Traders can qualify for the airdrop by buying a holding SMOG on Solana, or staking the token on Ethereum.
Even though its market cap remains modest, SMOG already boasts a strong community.
Indeed, as per birdeye.so, it already has over 60,000 holders.
Given all the excitement about Solana airdrops in recent months, SMOG could gain significant interest in the coming weeks.
SMOG could deliver at least 10x gains to investors, hence its rank in the best crypto meme coins to buy now.
Traders should note that they can clinch a 10% discount when buying SMOG directly through the project’s website.
They can also stake their tokens for a 42% APY.
The post Cryptocurrency Trader Turns $310 Into $5 Million in 3 Months – Here’s How appeared first on Cryptonews.
