Insider Wallets Rake in $1.77M Profit in Dogwifhat Trades

Several wallets earned a combined $1.77 million by trading the well-known Solana meme coin, Dogwifhat (WIF).

Whale investors saw a chance to make money from Dogwifhat’s rising popularity and jumped on the meme coin craze on the Solana network.

Lookonchain Reveals Profits in Dogwifhat’s Crypto Surge

According to the blockchain analytics platform Lookonchain data, 12 newly created wallets that looked suspiciously like they were made by “insiders” made a lot of money by buying Dogwifhat recently and accumulating about 770 ETH.

12 fresh wallets (insiders) made a profit of 770 $ETH($1.77M) on #dogwifhat with only 1.6 $ETH($3,694)!

These wallets were created yesterday and bought #dogwifhat in the same block where the deployer opened trading.

Other users started to buy #dogwifhat 12 minutes later.… pic.twitter.com/d3cil8DB8t

— Lookonchain (@lookonchain) February 3, 2024

Based on data from Lookonchain, these 12 wallets, made just yesterday, have only put 1.6 ETH, about $3,694, in Dogwifhat. They then sold 15.34 million Dogwifhat for 771.86 ETH, making a $1.78 million profit. 8.65 million WIF tokens, worth $838,000, are still in the wallets.

Since its start, Dogwifhat (WIF) has been on a wild ride, quickly rising by 20,000%. On January 18, 2024, the meme coin hit an all-time high of $0.4625. This was due to the memetic worth of a picture of a dog wearing a hat and the crypto version of the slang “wif hat.”

However, the excitement around Dogwifhat slowed down when early buyers started cashing in on their big gains. This caused the price to drop from its recent highs. 

According to the most recent data from CoinMarketCap, WIF is now trading at $0.22, dropped by 10.2% in the last 24 hours. The price is 51.64% less than the all-time high, but it is still 14,287.04% more than the all-time low of $0.001555, recorded on December 13, 2023.

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