Cryptocurrency, particularly memecoins, has long been known as the “magic” that can turn many into millionaires overnight. Once again, this has proven true as a recent cryptocurrency trader reportedly earned $11 million from a single trade.
How did $1,800 turn into $11 million?
The on-chain analysis platform Lookonchain revealed in a post on X about how a trader bought 5.1 million Dogwifhat (WIF) tokens for $1,749 on November 30 and has held them until now, with these tokens now valued at around $10.9 million. Interestingly, this trader attempted to limit the sale of WIF on Jupiter, but the order wasn’t matched due to the high limit price.
A trader bought 5.1M $WIF with only a cost of $1,749 on Nov 30 and has held it to now, which is now worth $10.9M!
This trader tried to limit sell $WIF on #Jupiter, but the order was not filled due to the high limit price.
So he canceled the limit order and transferred $WIF to… pic.twitter.com/eCRkN8DZBU
— Lookonchain (@lookonchain) March 8, 2024
Failing to reduce this holding, they chose to hodl and transferred all tokens to a new wallet. It was a life-changing decision as the trader made unrealized profits of over $10.9 million. When those WIF tokens were purchased, the price was still below $0.2.
Since then, WIF has witnessed a remarkable surge, recently reaching an all-time high of $2.37 – causing the value of the tokens held by this trader to skyrocket significantly. There’s much speculation that the upward momentum of this memecoin isn’t over yet, as cryptocurrency analyst Bluntz Capital suggests it could become the second-largest memecoin, second only to Dogecoin (DOGE).
Furthermore, WIF continues to attract attention with its recent listing on the largest cryptocurrency exchange, Binance. This implies that WIF may see further price action. Bluntz predicts this memecoin could hit $5.
Currently, WIF is trading at $2.1 with volatile gains, up over 850% in the last 30 days.
But this isn’t the first memecoin to do this.
Previously, an anonymous cryptocurrency investor (simply known as “Shibtoshi”) became a billionaire with Shiba Inu (SHIB) by investing $8,000 in August 2020 when the token began trading. This was before SHIB went wild in 2021, achieving an astronomical increase of 46,000,000%. Shibtoshi held onto those coins for nearly a year until October 2021, with the total value soaring to a staggering $5.7 billion.
Leading memecoin DOGE is also known to have created many millionaires and even billionaires during that time – 2021 saw numerous breakthroughs. A prime example is Glauber Contessoto, known as SlumDOGE Millionaire on X, who saw his holdings peak at $2.9 million.
WIF price chart. Source: TradingView
