The largest holder of the Solana-based meme-inspired cryptocurrency Dogwifhat ($WIF) has doubled down on their bet on it, spending 4.65 million USDC tokens to buy an additional 2.3 million tokens at little over $2.

According to data shared by on-chain analysis firm Lookonchain, the memecoin investor now holds 23.39 million WIF tokens, worth little under $50 million, and has made a profit of around $83 million with the cryptocurrency.

The trader has also spent $8.65 million to buy 17.22 million WIF in a single trade, which at the time gained the attention of the community.

Notably the move comes after the price of the meme-inspired cryptocurrency plunged by more than 46% over the past month in a significant correction that came after it moved up over 1,200% year-to-date. The correction briefly saw it drop below the top 50 cryptocurrency by market capitalization after it plunged to a $1.5 low.

WIF is at the time of writing trading at $2.01, still significantly down from an all-time high around the $5 mark seen earlier this year. The price decline came shortly after a prominent cryptocurrency analyst has revealed he believed that the cryptocurrency, could keep on dropping before its performance turns around.

Also read: AI Prediction: Dogecoin ($DOGE) vs. Pepe ($PEPE) – Which Is Likely the Better Buy for the Rest of 2024?

Sharing a price chart showing technical levels, pseudonymous analyst Altcoin Sherpa noted that he expects WIF to bounce but noted he doesn’t “really think this is the overall bottom,” adding that he expects the price to keep dropping.

The meme-inspired cryptocurrency rose exponentially this year, to the point one trader managed turn less than $2,000 worth of a Solana-based memecoin into over $10.9 million within a three-month period.

Featured image via Dogwifcoin.