- Solana’s hat-wearing canine coin WIF embarks on a triple-digit 30-day rally.
- The explosive memecoin frenzy came as a surprise to Dogwifhat’s deployer.
- LookOnChain calculates how much the dev missed out on due to early selling.
The erupting Solana memecoin frenzy reached another level this Friday, as both Bonk (BONK) and Dogwifhat (WIF) picked up double-digit gains over the past 24 hours. On top of that, Solana’s Dogwifhat (WIF) claimed a brand new all-time high on Friday afternoon, hitting $2.25 around noon. Soon after, WIF picked up 7 cents more to claim a new all-time high 4 hours later at $2.32.
Whilst the multiple listings by major cryptocurrency exchanges definitely played a key part in WIF’s entrance into the TOP 100 by global market cap, the success can be also attributed to the thriving Solana system, which often employs dog-themed meme coins to dish out crypto rewards among Solana’s community members.
However, according to the evidence provided by the blockchain detective agency LookOnChain, not every heavy player on the Layer-1 chain expected to see such gains. Actually, it’s quite the opposite. According to LookOnChain, Solana’s Dogwifhat developer sold the lion’s share of his stash just two days before trading officially opened.
In these on-chain transfers done 4 months ago, Dogwifhat’s developer sold 112,500,000 WIF coins thrice, adding another selling order of 25,000,000 WIF. Judging by the current WIF price movements, these 350M Dogwifhat holdings would have been worth $777.35 million if he hadn’t sold.
Dev Taken By Surprise As Memecoin Season Arrives
The aforementioned transaction shows yet another cryptocurrency whale, who chose to sell prematurely. The developer of WIF sold the 350 million WIF coins for 511 SOL, valued at $29,000 at stamped transaction time. While the difference between $777.35M and $29K net profits is eye-watering, LookOnChain’s on-chain sleuths also detected another crypto wallet.
Owned by the same person, the other crypto wallet didn’t sell Dogwifhat (WIF) immediately, but traded 2 SOL, worth $110 at the time, to acquire 489,674 WIF tokens. Later on, WIF’s developer sold off 12.4M WIF tokens for $896K USD Coin (USDC). However, the wallet still holds 589,198.76 WIF coins, which convert to $1.30 million at the time of this publication.
With meme coin season still in full swing, Dogwifhat (WIF) and its older brother Bonk (BONK) are gearing up for the next leg up, but it’s unclear if WIF and BONK would be able to successfully retest their freshly claimed all-time highs for the third time in the same week.
On the Flipside
- Meme currency trading is considered more volatile than regular altcoins due to the extreme price fluctuations and the influence of social hype.
Why This Matters
Tracking cryptocurrency developer actions on-chain helps us understand the expectations the coin deployer had when launching the project.
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