Trader gambles $226K on Solana memecoin, hits $1.69M in 5 days

Another dog-themed crypto token comes into the limelight as the Solana memecoin frenzy continues.

The Solana memecoin frenzy continues as a trader turns $226,000 into well over $1.6 million by gambling on a token with a beanie-wearing dog as its mascot. 

Between Dec. 13 and 15, a crypto trader bought over 19 million Dogwifhat (WIF) tokens, a dog-themed memecoin, as it debuted on the markets within the Solana network. According to blockchain analytics firm Lookonchain, the trader bought the tokens at an average price of $0.01137. Currently, the tokens’ total value hovers at around $1.69 million, making the trader about $1.47 million in profits within five days. 

As a new wave of interest hits the Solana ecosystem, memecoins based on the network have started to deliver massive gains. On Dec. 8, a dog-themed memecoin called Bonk (BONK) became the third-largest memecoin by market capitalization, joining fellow dog-themed memecoins Shiba Inu (SHIB) and Dogecoin (DOGE) in the top three and overtaking Pepecoin (PEPE), the frog-themed memecoin. 

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