During this week, a meme coin called Dogwifhat (WIF) gained popularity and rose to become the third most valuable meme token.
WIF has surpassed its major competitors and is now ranked third among meme coins by market cap. Over the past week, it saw a 90% rise against the dollar and now holds the 31st spot across the entire cryptocurrency market. It currently lies behind Dogecoin (DOGE) and shiba inu (SHIB) but has outdone Pepe (PEPE), Floki (FLOKI), and Bonk (BONK) in valuation.
What Is Dogwifhat?
The inspiration for WIF comes from the well-known Dogwifhat meme, which features a Shiba Inu with a unique hat. Moreover, capitalizing on the Solana blockchain’s speed and efficiency, WIF aims to bring fun and community values to the world of cryptocurrency. While Dogecoin laid the foundation, WIF’s appeal lies in the simplicity and universal appeal of cute pets in amusing situations.
At present, more than 108k unique addresses hold WIF, with the top ten holders owning around 312 million WIF or 31.24% of the total supply. Moreover, most of WIF’s trading volume is against tether (USDT). The Turkish lira is the currency that is traded second most frequently, after the main currency, on the exchange platform. The next most popular trading pairs, in order of volume, are USD, BTC, and FDUSD, making up the top five.
The Rise Of Dogwifhat
The rise of WIF occurs amidst a significant uptick in demand for meme coin assets, with DOGE crossing the $0.20 mark for the first time since 2021. WIF boasts the fourth-largest global trading volume over the weekend, after BTC and the leading stablecoins. Large holders have also been observed accumulating millions of WIF.
WIF’s latest resurgence coincides with a significant revival of the meme coin niche. The leading asset of that type – Dogecoin (DOGE) – exceeded the $0.20 mark, witnessing gains of 32% on a weekly scale. Shiba Inu (SHIB) is also well in the green, albeit in a more modest fashion.
Fast Success For Dogwifhat (WIF)
WIF’s success is remarkable, considering that it entered the market at the end of last year. Since the beginning of 2024, its price has risen by over 2,000%, catching the attention of some prominent industry participants.BitMEX’s co-founder, Arthur Hayes, recently shared a picture of himself wearing a hat with the token’s logo and name. He recently said, “The hat stays on while I count to $10.”
The support of leading cryptocurrency exchanges, including Binance, BitMEX, Coinbase, and Kraken, is likely another factor contributing to WIF’s price increase. WIF’s upswing has been beneficial for savvy traders who invested in it early. As CryptoPotato reported, one particular investor bought more than 2.5 million tokens at the end of 2023, spending just $310. Currently, the stash is worth over $9 Million.
