The Solana (SOL) blockchain’s red-hot meme coin dogwifhat (WIF) advanced 18.52% over the past 24 hours and toppled PEPE as the 3rd largest meme coin by market capitalization.
Solana Meme Coin WIF Touches $4 Record
Dogwifhat (WIF), a viral meme coin based on a dog wearing a pink beanie cap, skyrocketed earlier today amidst a flat market to cross the $4 price mark and reach nearly $4 billion in capitalization.
WIF has retreated to $3.74 at publication time. Yet, it still has a considerable lead over the popular frog-themed meme coin Pepe (PEPE), as it is now the 39th most valuable token among the top 100 cryptocurrencies while PEPE settled in 43rd position, with respective market caps of $3.67 billion and $3.28 billion, as per Coingecko data. PEPE has shed 3.5% of its value over the last 24 hours.
Dogwifhat was issued in November 2023 and instantly became a hit, emerging as one of the most popular meme coins of this crypto market cycle. Much of the token’s value is driven by crypto investors’ inexplicable fondness for doggy-themed cryptos such as Dogecoin (DOGE) and Shiba Inu (SHIB).
Dogecoin remains the largest meme coin, with its market cap surpassing $31 billion. The OG canine-themed coin has managed to gain an impressive 37% in the last week amid the meme coin craze, currently holding the 9th place by market value. Meanwhile, Shiba Inu has plunged by 2.9% on the day. The top Dogecoin rival, nonetheless, is still up 14.7% over the past week.
Dogwifhat Price Primed To Hit $10?
It’s pertinent to note that meme coins are highly volatile and infamous for their lack of fundamentals. However, investment giant Franklin Templeton earlier this month bolstered investor interest in meme coins after asserting that while they “have no inherent value or utility,” they are great for quick profits.
Dogwifhat set its previous high of $3 shortly after WIF enthusiasts publicly raised more than $700,000 to display the token’s logo on the Las Vegas Sphere. At the time, BitMEX founder and current chief investment officer at Maelstrom, Arthur Hayes, predicted a tremendous $10 price tag for WIF.
Whether the Dogwifhat display further popularizes WIF and helps propel the meme coin to new all-time highs remains to be seen.
