The meme coin sector provided a spark in an otherwise stagnant crypto market on Friday, with Dogwifhat (WIF) leading the charge. The Solana-based canine token surged for the second consecutive day, eclipsing Pepecoin (PEPE) to claim the number three spot amongst meme coins by market capitalization.

WIF briefly touched the $4 mark before retreating slightly. This impressive run comes amidst a backdrop of relatively flat performance from industry giants like Bitcoin (BTC) and Ethereum (ETH). Bitcoin hovered around $70,000, while Ether and other major altcoins saw minor dips.

Fueled by the Dogwifhat rally, the broader meme coin category outperformed other sectors like Decentralized Finance (DeFi) and exchange tokens. This rise in popularity echoes the earlier success of Dogecoin (DOGE), with some analysts viewing WIF as an alternative bet on the dog-themed meme coin craze.

Interestingly, futures tracking DOGE reached a record $2 billion in trading volume, signifying a surge in investor anticipation of future price swings, with a potential bias towards buying. However, some trading firms cautioned against excessive optimism, warning of a possible pullback as Bitcoin and Ethereum exhibit signs of fatigue.

Overall, Dogwifhat's ascent to meme coin prominence highlights the continued volatility and speculative nature of this particular crypto niche. While WIF's future trajectory remains uncertain, its recent performance has undeniably shaken up the meme coin hierarchy.