Dogwifhat (WIF) Flips PEPE As The 3rd Largest Memecoin After Hitting $4
March 29 2024 - 5:30PM
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Memecoins are again in the spotlight as some of the most popular
dog-themed tokens performed remarkably during this bull cycle.
Dogwifhat (WIF), Floki Inu (FLOKI), and Dogecoin (DOGE) have done
impressive numbers this month. WIF’s market capitalization
skyrocketed to almost $4 billion, surpassing PEPE and taking third
place as the largest memecoin in the market by this metric. Related
Reading: Analysts Bullish On FLOKI As Price Surges 9.8%, New ATH
Soon? Hats On, Is WIF Going To The Moon? Yesterday, WIF’s price
increased 32% in half a day, setting a new all-time high (ATH) of
$4. Simultaneously, its market capitalization jumped from $3.04
billion to $3.98 billion, according to CoinMarketCap data, which
represents a 30% increase in the same timeframe. This remarkable
performance saw dogwifhat flipping PEPE as the third largest
memecoin by market cap, now ranking just below Dogecoin and Shiba
Inu (SHIB) in this category. Top 5 memecoins by market
capitalization. Source: CoinMarketCap As reported by EmberCN, this
performance gave wifto100billy.sol, the largest WIF holder, $134
million in unrealized profits. This whale bought 37 million WIF for
approximately $9.33 million at an average of $0,248. When it
reached its ATH price of $4, the wallet saw a 1440% gain on the
inversion. Since then, WIF’s market cap has decreased to $3.65
billion, which still represents a 15.25% increase from 24 hours ago
and remains above PEPE’s $3.82 market cap. $WIF approaching $4 like
pic.twitter.com/SyXLRHUPnL — risicare (@risicare_eth) March 29,
2024 Similarly, WIF saw an 8.5% correction from its ATH price. At
the time of writing, the token changes hands at $3.66, a 20%
increase in 24 hours. Moreover, WIF’s market activity skyrocketed
by 70%, with its daily trading volume reaching $808.4 million.
Dogwifhat Shows “Organic” Growth, But What’s Going On With
Memecoins Dogwifhat is one of the newest players in the market, and
it has accomplished incredible achievements since its launch in
November 2023. The token has amassed a loyal community that seems
to be focused on bringing the project “to the moon.” After putting
on their hats, WIF investors raised over $700,000 in a few days as
part of its Las Vegas Sphere project, displaying the community’s
extent. Furthermore, Cryptonary’s CTO, Asad Saddique, revealed in
an X post that Dogwifhat has recently reached 100,000 “organic”
holders. WIF just crossed 100,000 holders no brute force or gamed
bs i know bc ive manually tracked it daily since early dec
pic.twitter.com/K1W4GHG98d — asad (@xbtcas) March 28, 2024
Nonetheless, the divisive memecoin presale frenzy has created a
fear of fatigue from overexposure to these tokens, with some
investors arguing that memecoins are taking a turn for the worse.
Despite this, interest has not faded away. Ethereum’s founder,
Vitalik Buterin, recently published a blog post titled “What Else
Could Memecoins Be?” In the post, Buterin discussed the current
state of the memecoins landscape and expressed his “disappointment”
that innovation is not driving these projects to the market. Just
this month, many controversies have surrounded the crypto community
regarding memecoins, including the appalling launch of racist and
antisemitic tokens. Undoubtedly, the memecoin market is broad,
diverse, and full of enough potential that projects can develop and
grow a strong community. Still, it appears efforts from projects
working to be more than a meme are overshadowed by the
controversial actors in the market. Related Reading: Shiba Inu
Going To $0.0001: Crypto Analyst Reveals What Will Drive The Rally
WIF is trading at 3.68 in the 1-day chart. Source: WIFUSDT on
Tradingview.com Featured Image from X.com, Chart from
TradingView.com
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