A cryptocurrency trader has managed to turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period, as the price of the memecoin has recently exploded amid a wider cryptocurrency market rally.

Accoording to on-chain analysis service Lookonchain, the trader achieved this feat by strategically trading Dogwifhat ($WIF), a recently popular meme coin built on the Solana blockchain, buying 5.1 million WIF tokens in late November 2023 for $1,749 and holding onto them.

The trader held into this recent rally, which saw the value of their investment balloon to a staggering $10.9 million within three months.

This translates to a staggering 630,000% return on investment (ROI) in just over 100 days, a testament to the potential for explosive gains – and losses – within the cryptocurrency market.

Lookonchain further notes that the trader attempted to cash in on these significant profits by placing a limit sell order on the Jupiter exchange. However, this order failed to execute, due to an overly ambitious price target, which saw the trader subsequently cancel it and move the tokens to different wallets.

The price of WIF has notably surged by more than 1,000% over the last 30 days, and over 130% over the past week alone as traders bet on the meme-inspired cryptocurrency.

The cryptocurrency, according to popular cryptocurrency analyst Bluntz, has recently made a “nice clean 5 wave rise” pattern. Bluntz uses Elliott Wave Theory, where a price trend is expected to unfold in five distinct waves, in his analysis, and called for a potential surge for up to $1 for WIF, mentioning he is accumulating the cryptocurrency as well.

Featured image via Dogwifcoin’s website.