A user of zer0xtrading.sol exchanged 86,738.21 SOL (about $8.6 million) to buy 15.92 million WIF tokens on January 10, according to onchain data.
It is not clear why the trader spent so much money on WIF. However, what was purchased actually cost most of the trader’s money because it was such a large transaction in a very short time.
Dogwifhat originated from an internet meme of a Shiba Inu dog wearing a pink crocheted hat. The memecoin exists in the Solana ecosystem.
Market response
After the big transaction on January 10, WIF has increased in value by more than 100% in the last 24 hours.
According to TradingView, the token rose from $0.11 at 11:10 AM on January 10 to $0.24 at 11:10 AM ET on January 11. That’s an increase of 118% in that time frame. During this time, the price rose to $0.31 before falling again.
Price of dogwifhat (WIF) memecoin in the last 24 hours. Image: TradingView
About the author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering all crypto news, but with a bias toward NFT, metaverse, web3 gaming, finance, crime, hack, and crypto ecosystem stories. MK is a graduate of New York University’s Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
