Trader Buys $9M of Solana Meme Coin Dogwifhat, But Loses Over 60% to Slippage
Summary
A buyer purchased nearly $9 million of the Solana meme coin, dogwifhat (WIF), over three transactions. The large purchase in a low-liquidity pool caused the price to spike to $3 before falling back to 15 cents, resulting in a slippage loss of over $5.7 million for the buyer. Some speculate the trade could be a marketing stunt to draw attention to WIF, which has seen a price drop recently. Despite this, WIF is up 50% in the past 24 hours due to buying pressure. The token has a market capitalization of over $200 million and was one of the biggest hits in the Solana ecosystem in December, with early buyers making significant profits.
