The Solana-based meme coin Dogwifhat (WIF) has seen a whopping 50% rise in value within the last 24 hours. With a price of $2.02 and a market cap of more than $2 billion, this unbelievable growth broke records and outperformed established rivals like DOGE and BONK for barely three months after its initiation.
Dogwifhat’s rise is a sign of the recent success of meme coins, with CoinGecko showing an average surge of 2.8% for coins worth more than one billion dollars. Myro (MYRO) and Mog coin (MOG), among other less popular ones, have also experienced notable gains from 80% upwards.
However, the token went viral since its November 2023 release due to its association with a whimsical picture of a dog wearing a hat which struck a chord within the crypto community. This link is responsible for WIF’s memetic power besides fostering investor and fan unity.
On the last day alone, WIF saw up to $1 billion in trading volume, proof that it is increasingly becoming more popular. It is a major meme token that has never crossed the psychological benchmark of $1, as other leading meme coins have not been able to do so, such as dogecoin (DOGE) and Shiba Inu (SHIB).
This meteoric rise was likely catalyzed by the token being listed on Binance, a top cryptocurrency exchange with $219 million worth of trades on WIF in just one day. The value of the token may also have been boosted by speculations of future listings as well as its increasing popularity among investors.
Dogwifhat Surge Reflects Meme Coin Momentum
Since late February, meme coins have captured the spotlight, riding the coattails of a bitcoin-led rally. These tokens are increasingly viewed by investors as a speculative bet on the expansion and adoption of their respective blockchain networks.
According to CoinMarketCap, Currently, WIF is trading at $2.02, with a market cap of $2.06 billion. It has increased 50% in the last 24 hours and 193% in the last 7 days.
Dogwifhat’s performance is evidence of the changing trends in the cryptocurrency industry, where meme coins are no longer marginal stuff but players shaping the future of digital assets. Dogwifhat’s historic run may signal new dynamics in a rapidly growing cryptosphere.
Related Reading | Bitcoin’s $69K Wild Ride: Decade-Old Addresses Holds The Key