Trader Turns $5K into $24M in WIF Amid Market Downturn

Lookonchain, a well-known blockchain analytics firm, recently reported a remarkable transaction involving five wallets, which might be controlled by the same person. The buyer initially acquired 14.53 million Dogwifhat (WIF) tokens on November 30, 2023, for just $5,340. 

5 wallets(may belong to the same person) sold 14.53M $WIF($24M) 7 hours ago!

Incredibly, this guy bought 14.53M $WIF on Nov 30, 2023, and the cost was only $5,340!

He got a 4,497x return!

If he sold at the highest price, he would have made a profit of more than $69M, a 12,927x… pic.twitter.com/Of1kpEwOze

— Lookonchain (@lookonchain) August 3, 2024

Later, the buyer sold all 14.53 million WIF tokens for approximately $24 million. This sale highlights a significant return on investment, achieving a 4,497x return on the initial purchase.

Even more fascinating, the buyer could have achieved over $69 million in profit by selling the tokens at their peak price, representing a staggering 12,927x return.

Another Trader Loses $1.92M on WIF 

In stark contrast, another trader experienced significant losses trading WIF. Initially, this trader bought 2.05 million WIF tokens for $7.96 million on April 8, 2024, at $3.88 per token. They sold these tokens on May 7 and 8, 2024, at $2.95 per token for $6.04 million, losing $1.92 million.

Despite this initial setback, the trader purchased 2.34 million more WIF tokens for $6.48 million between May 16 and May 20, 2024, at an average price of $2.77 per token. They sold these tokens three hours ago at $1.61 per token, making $3.77 million and incurring another loss of $2.71 million. 

Overall, this trader has lost $4.63 million trading WIF. This severe loss underscores the volatility of the cryptocurrency market, where rapid price swings can lead to significant financial risks, even for experienced investors.

WIF Down 33% on Weekly Chart

Over the past week, WIF has fallen by 33%. In the last 24 hours, its price dropped to $1.61 and then rose to $1.94. It is now trading at $1.68, reflecting an 11% drop from its recent high.

In the past day, the open interest (OI) for Dogwifhat fell by 10% to $266 million. However, trading volume surged by 40% to $1.51 billion, suggesting that the downward trend might not continue.