The explosive potential of crypto was on full display for one anonymous trader who transformed an investment of $1,000 into well over $100,000 by essentially betting on the latest dog memecoin on Solana">Solana called Dogwifhat (WIF).
In late November, the self-proclaimed “idiot” investor who goes by Blockgraze online bought the token shortly after launch, simply because he found the dog mascot wearing a hat “very funny.” He’s since scored $25K in profit so far while letting his remaining coins ride.
Blockgraze compares such moonshot meme plays to gambling, as anyone can create a token and try to ignite a frenzy. But dog-themed projects have proven reliably lucrative in crypto, with Solana’s meme darling Bonk also exploding last year.
Still, 100x multiples rely substantially on luck over skill, the part-time trader admits. Yet sometimes risky bets on tokens with cute dog mascots can yield jackpots for early buyers caught up in hype cycles. It echoes crypto’s casino-like allure for speculators.
“The secret is to be an idiot I think,” Blockgraze mused. “I should have probably sold several times, but the dog had a hat.”