Cryptocurrencies (especially meme coins) have been known to turn many into overnight millionaires in the past. This has happened again as a crypto trader was recently reported to have made $11 million from a single trade.
How $1,800 Turned Into $11 Million
On-chain analytics platform Lookonchain revealed in an X (formerly Twitter) post how a trader bought 5.1 million Dogwifhat (WIF) tokens for $1,749 on November 30 and has held them till now, with these tokens now worth $10.9 million. Interestingly, this trader had tried to limit the sale of these tokens then but was unsuccessful as the order didn’t get filled due to the high limit price.
Having been unsuccessful in his attempt to offload these tokens, he chose to hold them and transferred them to a new wallet. That was a life-changing decision, seeing as the trader has made an unrealized profit of over $10.9 million. When those WIF tokens were bought, the meme coin was still below the $0.2 mark.
Since then, WIF has seen an incredible run, recently hitting an all-time high (ATH) of $2.37, which explains why this trader’s holdings have risen to such an amount. There is reason to believe that the meme coin’s run isn’t done yet, as crypto analyst Bluntz Capital hinted that it could become the second most valuable meme coin, only behind Dogecoin (DOGE).
Moreover, WIF is still gaining much traction with the crypto token recently listed on the largest crypto exchange, Binance. That means there is the potential for WIF to make more moves to the upside. Bluntz predicts that the meme coin could run up to as high as $5.
Not The First Meme Coin To Change Lives
Bitcoinist previously reported how an anonymous crypto investor (simply known as “Shibtoshi”) became a billionaire with Shiba Inu (SHIB) by investing $8,000 in the meme coin back in August 2020, when the token began trading. That was before the meme coin had its insane run in 2021, when it saw a gain of 46,000,000%. Shibtoshi held for almost a year until October 2021, leading to his holdings rising to a whopping $5.7 billion.
The foremost meme coin, DOGE, was also known to have made many millionaires and even billionaires during that period, with 2021 also being the crypto token’s breakout year. One such person was Glauber Contessoto, known as SlumDOGE Millionaire on the X platform, who saw his holdings reach $2.9 million at the peak of the meme coin’s run.
WIF price at $2.11 | Source: WIFUSDT on Tradingview.com