Solana (SOL)-based memecoins seem to be inching closer to grabbing the memecoin crown. After BONK made headlines in 2023, another Solana-based memecoin is taking the cryptocurrency space by storm, WIF
Dogwifhat (WIF) is a new dog-themed cryptocurrency launched in November 2023. Solana-based memecoins took off in late 2023 as SOL prices began to skyrocket. WIF is the latest memecoin on the Solana network to gain public curiosity.
WIF has rallied by over 20% in the last 24 hours, over 120% in the weekly charts, and over 250% in the previous 14 days. Moreover, since December 2023, the token has surged by over 152%.
WIF’s latest rally could be due to a listing on Binance, the world’s largest cryptocurrency exchange by volume. The project’s market cap has surpassed $440 million, while 24-hour trade volume has exceeded $81 million.
Will Solana-based memecoin outshine SHIB and DOGE?
Shiba Inu (SHIB) and Dogecoin (DOGE) are the most significant memecoin projects. However, the dominance of SHIB and DOGE has come into question after the appearance of BONK and WIF. However, it might take the SOL-based memecoins quite some time to catch up to SHIB and DOGE.
Shiba Inu (SHIB) and Dogecoin (DOGE) are among the top 20 largest cryptocurrencies by market cap. BONK is ranked 90th, while WIF is ranked 144th. Both Solana-based memecoins have a long way to catch up.
Furthermore, DOGE has the advantage of being the first memecoin, launched in 2013. SHIB, on the other hand, is considered as DOGE’s main rival. The two dog-themed cryptocurrencies also have massive loyal communities. Shiba Inu (SHIB) fans, popularly called the SHIB Army, are a known force in the cryptocurrency space. They have often achieved common goals, such as getting an exchange to list their favorite token.