Love them or hate them, dog-themed tokens are making waves in the crypto markets.

In a resurgence of speculative investment, one trader turned a modest $1,000 into a substantial sum exceeding $100,000 by placing bets on an unconventional choice—a token featuring a dog sporting a beanie, known as Dogwifhat (WIF). Blockgraze, a pseudonymous crypto enthusiast, shared with CoinDesk that he acquired this memecoin in late November, shortly after its debut on the Solana blockchain’s DeFi markets.

Expressing his initial attraction to the amusing dog-with-hat mascot, Blockgraze mentioned accruing $25,000 in profits while leaving the remainder of his risky venture untouched in his wallet. Investing in meme-associated tokens, particularly those related to the shiba inu dog breed, can be akin to a gamble but has a history of surging in value and persisting.

Solana’s previous top memecoin, BONK, experienced a similar trajectory, initially launching in a Christmas airdrop, rallying, subsiding, and then resurging after being listed by Coinbase. Despite the potential for significant returns, Blockgraze, a part-time crypto trader involved with consumer startups, emphasizes that 100x memecoin trades are more about luck than skill, likening the strategy to a form of gambling.

Reflecting on the experience, he humorously noted, “The secret is to be an idiot, I think. I should have probably sold several times, but the dog had a hat.”