Dogwifhat (WIF) Surprise: How Solana User Came Close to Missing Epic Rally

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Written By Maya Cantina

Fri, 8/03/2024 – 12:06

Cover image via www.freepik.com

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Dogwifhat (WIF), a dog-themed meme coin based on the Solana blockchain, has seen an impressive rally in recent weeks, reaching an all-time high of $2.23 on March 6, 2024, and entering the top 100 cryptocurrencies by market capitalization.

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Given the volatile and often unpredictable world of cryptocurrency, stories of missed opportunities and unexpected turns are not uncommon. The tale of one WIF developer’s near-miss with the Dogwifhat (WIF) epic rally depicts this kind of circumstance.

The developer, whose identity remains undisclosed, found himself on the verge of a large windfall when the price of Dogwifhat (WIF) skyrocketed to record heights. Yet, astonishingly, he nearly missed out on the rally altogether, only to be saved by a twist of fate.

According to Lookonchain, a WIF developer sold a portion of his ownership, 350 million WIF, for a paltry 511 SOL (worth $29,000 at the time), just two days after WIF began trading. If he had waited, he could have increased his profits by millions, as the 350 million WIF stockpile sold is now worth $693 million.

In what proved to be a saving grace, the WIF developer had a wallet that did not sell WIF right away. This wallet also spent two SOL worth $110 to purchase 489,674 WIF before selling 12.4 million WIF for 896,000 USDC. He now has 589,199 WIF, or $1.17 million, left.

WIF was launched in November 2023 and soon gained traction in cryptocurrency circles. After an incredible 227,000% increase in its early weeks, the coin derived its memetic value from an image of a Shiba Inu dog wearing a knitted beanie, and the “wif hat” usage continued to rise steadily until exploding in late February.

In a short period, WIF’s value soared sevenfold, from roughly $0.343 in late February to an all-time high of $2.23 on March 6.

This surge was aided in part by the coin’s listing on major cryptocurrency exchanges such as Robinhood Europe and Binance. It has since continued undeterred, increasing by more than 21.73% in the last 24 hours, reaching $2.17 at the time of writing.

WIF has risen nearly 121.81% in the last seven days and is notably the first major meme token with a price above $1.

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