The dramatic rise in the price of WIF has valued the 350M tokens sold by the developer at more than $693 million.
A blockchain developer who participated in the creation of the Dogwifhat (WIF) memecoin missed out on a massive profit after selling millions of the token before it gained traction.
According to a tweet by Lookonchain, the developer offloaded 350 million WIF for 511 Solana (SOL) worth $29,000 within two days after the memecoin began trading in November 2023.
$29K Sale Before 10,000x rally
Within four months after its launch, WIF has skyrocketed over 10,000x to become one of the biggest memecoins on the Solana network and the fifth-largest memecoin in the crypto space after Dogecoin, Shiba Inu, Pepe, and Floki.
The market capitalization of WIF has surged to $2.07 billion alongside the token’s value. When the memecoin started trading on November 20, it was worth around $0.00017; however, at writing time, the token’s value had risen to $2.09, representing a 1,229,362% rise.
The dramatic rise in the price of WIF has placed the 350M tokens sold by the developer at a valuation of more than $693 million. Apparently, the developer missed a chance to create generational wealth, according to some members of the crypto community.
Although Lookonchain tagged the developer’s experience “the saddest thing,” the blockchain intelligence platform revealed that the WIF creator did not lose out entirely as they had a separate wallet that did not offload another portion of the tokens immediately after trading began.
WIF Surpasses Bonk
The developer spent 2 SOL to purchase an additional 489,674 WIF for the separate wallet. Recently, they sold 12.4 million WIF for 890,000 USDC. At the time of writing, the wallet held 589,199 WIF worth approximately $1.2 million at current prices.
Dogwifhat has remained relentless in its rally, recording an 831% gain in the past month and 66% in the past week. The token recently surpassed Bonk, another Solana-based memecoin that gained over 10,000% last year, to take fifth place. Dogwifhat’s meteoric rise can be attributed to several factors, including the crypto community’s attention to the Solana ecosystem and the memecoin’s listing on major exchanges like Binance.
Meanwhile, SOL has also pumped over 693% in the past year and was trading at $147 at the time of writing, reaching levels not seen since January 2022.
