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Crypto Trader Turns $1K Into $100K on Solana’s Newest Memecoin, Dogwifhat
Like it or not, dog tokens are driving big business in the crypto markets.
Updated Mar 8, 2024, 6:41 p.m. Published Dec 14, 2023, 3:53 p.m.
Dumb money is roaring back into the crypto markets, with one trader turning $1,000 into well over $100,000 by betting on, of all things, a token whose mascot is a dog wearing a beanie.
Pseudonymous crypto enthusiast Blockgraze told CoinDesk he bought the memecoin Dogwifhat (WIF) in late November, shortly after it debuted on the Solana blockchain's DeFi markets.
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"I thought the dog with the hat was very funny and so I bought some," he said, noting he's since realized $25,000 in profits while letting the rest of his gamble ride in his wallet.
And a gamble it truly is. Anyone can spin up a cryptocurrency, create a market for it and hope it catches some bids. But those associated with memes, and particularly with memes of the shiba inu dog breed, have a tendency to balloon in value and sometimes even endure.
That much was true of Solana's top memecoin, BONK. It launched last Christmas in an airdrop and quickly rallied before dying down. It began climbing again in October and just this week got listed by Coinbase, signaling how funny money can yield big business.
Still, 100x memecoin trades are more luck than skill, said Blockgraze, a part-time crypto trader who said he works with consumer startups. He compares it to gambling.
"The secret is to be an idiot I think," he said.
"I should have probably sold several times, but the dog had a hat."
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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