A trader converts R$5,000 into R$500,000 by investing in this memecoin.

One trader made a profit of around R$500,000 in the meme cryptocurrency after initially investing US$1,000 (R$4,900). This story is told in a CoinDesk report, and the token at the center of it is Dogwifhat (WIF). This is another token in the family of nonsense assets that takes Shiba Inu dogs as their main inspiration, such as Dogecoin, Shiba Inu, and Bonk. .

WIF memecoin is so obscure that it is not even listed on major market indexers CoinGecko or CoinMarketCap. However, from SOL Scan, the token appears to be worth US$0.05 (R$0.25) per unit and has a market capitalization of US$53 million (R$261M).

Like BONK, Dogwifhat runs on the Solana blockchain and was launched in November. No further explanation. The token is based on a picture of a dog wearing a hat, which is exactly what its name indicates when translated into Portuguese.

The feat of multiplying by 100x was accomplished by a trader using the pseudonym Blockgraze, who was interviewed by a North American portal. He said, “The dogs wearing hats were so funny that I bought several.”

After making a profit, the trader withdrew about R$123,000 and left the rest in his portfolio to see where asset speculation could take him.

When asked what the secret was to making such good deals, the investor answered honestly, “I think the secret is to be a fool.”

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