A cryptocurrency trader decided to take profits on his Dogwifhat WIF/USD investment, cashing in $1.65 million in light of a price plunge in the global cryptocurrency market.
What Happened: Pseudonymous cryptocurrency enthusiast Blockgraze shared on his X account that he offloaded 25% of his Dogwifhat portfolio for an average price of $2.95, amounting to $1.65 million.
This sale represented approximately 85% of their total net worth. They have since invested this amount into Solana SOL/USD, stating, “where it’ll stay for now.”
The tweet noted: “Hanging on to as much as I can for as long as I can tolerate.”
While the crypto community commended the significant profit, Blockgraze revealed that they still hold $5 million worth of Dogwifhat tokens. Blockgraze also disclosed they had previously sold $1 million worth of tokens.
When asked if they ever put in the original $1,000, Blockgraze replied with a confirmation:
In another development, Feisty DAO is collaborating with the "self-proclaimed" owner of the dog in the “dog with hat” to sell the photograph as an NFT. The dog, previously known as “Chi-Chi,” now goes by the name “Achi” and resides in Korea.
The individual managing the Instagram account where the NFT announcement was made also claimed to be the dog’s owner, although they had not provided any proof of ownership. The NFT auction is currently live on Foundation and will end in 2 days and 17 hours.
The current bid stands at 6.942 ETH, approximately $25,000, data indicates.
Why It Matters: Dogwifhat, the newest member of the $2 billion valuation club of dog coins, dropped 8.5% in the past 24 hours, mirroring the downward trend of the global crypto market.
However, despite these fluctuations, the token has remained profitable for traders, with weekly and monthly gains standing at 40% and 570%, respectively.
Despite the recent price decline, Dogwifhat has shown resilience in trying to maintain its $3 mark, although its market capitalization has dipped slightly below $3 billion.
Notably, Dogwifhat recently raised $650,000 through a display of the meme coin image on the Las Vegas sphere, an event that took place during the token's bullish run.
Additionally, industry heavyweights such as Arthur Hayes and Raoul Pal have shown support for Dogwifhat.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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