#dogwifhat Becomes Third-Largest #MemeCoin as Bitcoin Clings to $70K
Meme coins, led by Solana-based dogwifhat (WIF), surged ahead, outpacing sectors like DeFi and exchange tokens. DOGE-tracked futures trading hit a record $2 billion, prompting warnings of a potential pullback amid signs of market fatigue in bitcoin and ether.
For the second consecutive day, meme coins, spearheaded by dogwifhat (WIF), dominated the market, while Bitcoin hovered around $70,000 with minimal movement. Ether, Solana's $SOL , and Cardano's $ADA saw slight declines, while Bitcoin Cash (BCH) recorded a 4% increase.
Meme coins surged by an average of 8%, surpassing sectors like decentralized finance, yield farming, and exchange tokens, according to CoinGecko data.
The rally in meme tokens began amid speculation of DOGE's integration into an upcoming payment service by social app X, though no official confirmation was made.
Dog-themed tokens like floki (FLOKI) and WIF experienced significant gains, with WIF becoming the third-largest meme token by market capitalization, reaching over $4.
Some trading firms cautioned against sustainability, citing exhaustion signs in bitcoin and ether markets. Elevated funding and forwards suggest hefty premiums for leveraged long positions, warranting caution despite a bullish outlook.
Source - coindesk.com