Trader drops $8.6 million of SOL on memecoin dogwifhat in a single trade

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The Block2024/01/11 18:58

By:The Block

Quick Take Someone spent $8.6 million worth of SOL to buy 15.92 million dogwifhat (WIF) on Jan. 10 — at a near immediate loss. The price of WIF rose 118% the last 24 hours.

Trader drops $8.6 million of SOL on memecoin dogwifhat in a single trade image 0

A user going by zer0xtrading.sol swapped 86,738.21 SOL (around $8.6 million) to buy 15.92 million WIF tokens on Jan. 10, according to onchain data .

It's not clear why the trader spent so much money on WIF. However, the purchased essentially burned most of the trader's funds, as it was such a large trade in a very short time period.

Dogwifhat originated from an internet meme of a shiba inu dog wearing a pink crochet hat. The memecoin exists in the Solana ecosystem.

Market response

Following the large trade on Jan. 10, WIF appreciated over 100% in the last 24 hours.

The token increased from $0.11 at 11:10 a.m. on Jan. 10. to $0.24 at 11:10 a.m. ET on Jan. 11, according to TradingView. That's an 118% increase in that time frame. During this time the price rose as high as $0.31 before climbing back down.

Price of dogwifhat (WIF) memecoin within the last 24 hours. Image: TradingView

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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