#Dogwifhat has surpassed #Pepe to become the third-largest meme coin by market cap, following #Dogecoin and Shiba Inu.
The Solana-based token experienced a significant surge in value, reaching a record high of over $4, up by at least 20% from its starting price of $3.21.
This spike marks Dogwifhat's strongest performance since its launch, propelling it to the 38th position in the Top 100 list with a market valuation of $3.7 billion, while Pepe ranks 43rd with $3.32 billion.
It's important to note that meme currencies like #Dogwifhat are highly influenced by market sentiment rather than fundamental factors, making them susceptible to sudden fluctuations triggered by factors like social media activity and unrelated news.
Other meme coins, including Doge Coin, Floki, and BONK, are also experiencing positive momentum, with many of the top 100 meme currencies registering gains in the past 24 hours. Solana has emerged as the preferred blockchain for trading meme coins due to its low transaction costs, with Solana-based meme tokens witnessing a notable increase in value over the past week and month. However, the surge in Solana meme coin presale frauds is a cause for concern, with several instances of scams and rug pulls being exposed by crypto investigator .
ZachXBT following the raising of $150 million in SOL through 33 presales.
