Recent on-chain data has highlighted the impressive gains achieved by a meme coin investor. The focus was on a Solana (SOL)-based meme coin which experienced a 51-fold increase since the start of the year, drawing substantial attention.
How Did WIF Coin Perform?
According to Lookonchain, a significant investment was made in the dogwifhat (WIF) meme coin in December 2023. The investor capitalized on the coin’s upward trajectory, recording an astonishing 118,967% gain. This investor strategically sold portions of their holdings as WIF’s value increased. Initially, they invested $5,879 to acquire 6.1 million WIF, which now holds a value of $23.7 million. Despite selling 4.7 million WIF for $1.57 million, they still retain 1.4 million WIF, currently worth $5.47 million, culminating in a profit of approximately $7 million, a phenomenal 1,197-fold gain.
What Is MAGA’s Current Status?
In another case, Lookonchain revealed an investor’s impressive gains from the MAGA (TRUMP) meme coin, named after former President Donald Trump. This investor acquired 119,000 MAGA coins within a fortnight, leading to six-figure unrealized profits. The TRUMP coin, which recently peaked again, saw significant investments, with a buyer spending 1.15 million USDT to buy 118,671 TRUMP coins. As of now, their unrealized profit stands at $540,000, with the coin trading at $15.51.
Key Investor Insights
– Timing and market movements are crucial in meme coin investments.
– Strategic selling during price spikes can maximize profits.
– Diversifying investments across different meme coins can spread risk and opportunities.
– Monitoring market trends and on-chain data can provide valuable investment insights.
Finally, Lookonchain also noted a cumulative profit of $41.38 million from various meme coin transactions, including WIF, Jeo Boden (BODEN), and Solana’s Bonk (BONK). A strategic sale of 539,558 WIF for 11,708 SOL ($2 million) and other transactions resulted in substantial profits: $24.1 million from WIF, $11 million from BODEN, and $6.28 million from BONK.