Trader Faces $654K Loss on WIF, Shifts to Meme Coins: Risk or Reward?

• A crypto dealer misplaced a whopping $654,000 on dogwifhat (WIF).
• The dealer bought his WIF holdings for 4.08 million USDC.
• The dealer switched to different altcoins together with CHILLGUY, Fartcoin and UBC.

A crypto dealer suffered big losses after betting on dogwifhat (WIF), a distinguished meme coin on the Solana (SOL) blockchain. In lower than 24 hours, sbfonchain.sol bought the cash for 4.08 million USDC, shedding $654,000 on the place.

Apparently, the dealer remained optimistic about meme cash and, after closing his WIF place, instantly invested the remaining cash in different comparable cash. The entity used 1 million USDC to purchase 1.6 million CHILLGUY tokens, 500,000 USDC for 1.44 million Fartcoin and 176K USDC for two.6 million UBC.

Overview of the Meme Coin Market

The meme coin business is price roughly $121 billion, with a buying and selling quantity of $25.3 billion within the final 24 hours. Dogecoin (DOGE) and Shiba Inu (SHIB) are business leaders, with market caps of $57.4 billion and $14.5 billion, respectively.

Additionally Learn: Shiba Inu’s $1 Dream: Can a 99% Burn Turn out to be a Actuality

Notably, in accordance with CoinMarketCap information, WIF is the fifth largest meme coin and forty fourth within the total crypto market. The cryptocurrency grew to become in style after the rise of the Solana-based meme coin generator pump.enjoyable and has since made vital positive factors.

WIF value evaluation

WIF is buying and selling at $3.07 on the time of writing, down 2.47% within the final 24 hours. The altcoin is 36.69% under its all-time excessive of $4.85, with a market cap of $3.07 billion. Over the previous day, the digital forex hit a day by day excessive of $3.14 and a low of $2.92.

Over the previous seven days, WIF is down almost 8%, however up 26.54% over the previous 30 days. The altcoin has risen 1725.98% since November 2023, briefly claiming the highest spot amongst SOL-based meme cash. Nonetheless, Bonk (BONK) has since surpassed WIF and brought the lead.