#write2earn #MemeCoin Surge: #WIF Hits $4 Amidst Crypto Market Stability #SolanaMemeCoin #dogwifHat
Early Friday, WIF briefly reached the $4 threshold before pulling back, highlighting the volatility within the meme coin sector amidst a relatively stable market backdrop.
Meme coins, spearheaded by the Solana-based dogwifhat (WIF), experienced a surge for the second consecutive day, standing out as the leading category within the crypto space. This trend occurred as the broader market remained largely unchanged ahead of the extended weekend in the U.S., Europe, and parts of Asia.
Bitcoin (BTC) maintained its position around $70,000 during the Asian trading session on Friday, exhibiting minimal movement over the past 24 hours. Ether (ETH), Solana's SOL, and Cardano's ADA witnessed marginal declines of 1%, whereas Bitcoin Cash (BCH) recorded a 4% increase, extending its rally from Thursday.
According to CoinGecko data, meme coins demonstrated an average 8% surge, surpassing the performance of more conventional sectors like decentralized finance, yield farming, and exchange tokens.
The surge in meme tokens began on Thursday, fueled by speculation surrounding the potential utilization of DOGE in an upcoming payment service by the social application X, although no official announcement has been made by the company.
Market sentiment was further bolstered by the record-breaking $2 billion worth of bets on DOGE-tracked futures, signaling anticipation of future price volatility, predominantly favoring long positions.
Tokens themed around dogs, such as floki (FLOKI) and WIF, experienced significant increases, viewed as a secondary bet on dogecoin's success. WIF surpassed pepecoin (PEPE) to become the third-largest meme token by market capitalization, surpassing the $4 milestone on Thursday.
