#WIF Overtakes #pepe as Third Largest #Memecoins by Market Cap After DOGE and #SHIB

Meme currencies, led by Dogwifhat, are gaining steam as the cryptocurrency market stays calm.

The Solana-based meme currency has risen to become the third biggest meme coin by market valuation behind Dogecoin and Shiba Inu.

Starting at $3.21, the coin traded sideways until 9 am ET, when it spiked.

It achieved a record high over $4 today and is now trading at $3.73, up at least 20%.

Dogwifhat's Best Day

Recent performance is Dogwifhat's best daily showing since debut.

The currency overtook meme coin Pepe to rank 38th in the Top 100.

According to CoinMarketCap, Dogwifhat is worth $3.7 billion and Pepe $3.32 billion, ranking 43rd.

Remember that meme currencies are fickle and lack solid foundations.

The WIF vision is “literally just a dog wif a hat.”

They are impacted by random occurrences like tweets, unrelated news, and coin movements.

Market emotion drives these tokens more than real causes.

Other meme currencies are doing well today.

Meme currencies Dogecoin (16.83%), Floki (12.7%), and BONK (10%) lead the crypto industry's Top 100.

Outside the top 10, PEPE is up 2% to $0.000007883 per token, while Shiba Inu is up 5.85% to $0.00003179.

In the last 24 hours, 65 of the 100 top meme currencies have gained.

The Meme Coin Blockchain of Choice is Solana

Trading these currencies on Solana (SOL), a low-transaction-cost blockchain platform, is popular.

CoinMarketcap reports that Solana meme coins have risen 13% in the previous week and 40% in the past month.

The site has noticed a surge of coins with Joe Biden and Donald Trump caricatures.

While meme coin season on the Solana blockchain continues, presale frauds have increased.

Crypto investigator ZachXBT has exposed various presale coins that have caused concerns owing to fraud and rug grabs.

The rise in Solana meme currency presale frauds comes after 33 presales raised $150 million in SOL.