Dogwifhat ($WIF), one of the largest memecoins on the Solana network, has experienced a significant decline, dropping by 13% in a single day and 24% over the course of the week. 

This downturn comes as Lookonchain data reveals a substantial sell-off by a notable whale following the market slump.

The whale, known for their shrewd maneuvers in the memecoin space, capitalized on various tokens, including $WIF, $POPCAT, $WEN, and $Hobbes. 

Their trading prowess is evident in the impressive profits amassed across these assets, with gains ranging from 144% to a staggering 1658%.

Whale Activity On Solana Top Memecoins

In the case of $WIF, the whale initiated strategic buy and sell actions, purchasing 8.67 million tokens at an average price of $0.15 and subsequently offloading 1.67 million tokens at an average price of $1.93. 

Despite the recent market downturn, the whale still holds 7 million $WIF, with a total profit of $20.78 million, marking an impressive increase of 1572%.

Similarly, the whale’s ventures into $POPCAT, $WEN, and $Hobbes have yielded substantial returns. Notably, their swift transaction in $Hobbes resulted in a remarkable profit of $255,000, representing a staggering 1658% increase in just one day.

The whale’s trading activity underscores the volatility and potential profitability of the memecoin market, where swift price movements can offer lucrative opportunities for astute investors. 

As $WIF and other memecoins continue to navigate market fluctuations, the actions of prominent traders like this whale serve as a reminder of the dynamic nature of cryptocurrency trading and the importance of strategic decision-making in maximizing returns.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: vasilyrosca/123RF // Image Effects by Colorcinch