Trader drops $8.6 million of SOL on memecoin dogwifhat in a single trade

A user going by zer0xtrading.sol swapped 86,738.21 SOL (around $8.6 million) to buy 15.92 million WIF tokens on Jan. 10, according to onchain data.

It's not clear why the trader spent so much money on WIF. However, the purchased essentially burned most of the trader's funds, as it was such a large trade in a very short time period.

Dogwifhat originated from an internet meme of a shiba inu dog wearing a pink crochet hat. The memecoin exists in the Solana ecosystem. 

Market response

Following the large trade on Jan. 10, WIF appreciated over 100% in the last 24 hours. 

The token increased from $0.11 at 11:10 a.m. on Jan. 10. to $0.24 at 11:10 a.m. ET on Jan. 11, according to TradingView. That's an 118% increase in that time frame. During this time the price rose as high as $0.31 before climbing back down.