This Memecoin Gained $700 Million in 48 Hours: Will the Hype Continue? 🚀⬆️
The Solana community loved animal-themed memecoin projects, and this new memecoin project is proof of that. Shortly after Dogwifhat (WIF) reached a milestone on March 29, the excitement for Solana memecoin projects is not subsing.
It attracts the attention of a new competing investors in the Memecoin sector and according to data from the MEW token CoinGecko, which is touted as cats in the dog world, it rose over 120% on March 29, reaching a market cap of $513 million in just 48 hours of trading time. MEW gained even more over the weekend, when it rose to $0.008 and its market capitalization passed $700 million.
In addition, the token in question may have gained an increase in popularity after being approved on X by Arthur Hayes, the founder of BitMex. This is not the first time we've seen new memecoin projects rise in the Solana ecosystem just days after their launch. This new trend has attracted both the attention and the criticism of the crypto community, which argues that these assets and their natural popularity have overshadowed projects with useful tokens and a roadmap.
One of these controversial tokens, Slerf (SLERF), was caught in a review after its developer accidentally burned the $10 million worth of funds collected from investors in a pre-sale. However, SLERF remains the fourth largest memecoin in the Solana ecosystem, with a market capitalization exceeding $400 million.
With the developments for other memecoin projects, WIF continues to come to the agenda. According to another process that has come to the agenda, WIF surpassed $4.25 billion in market cap on March 29, becoming the third-largest memecoin project, surpassing Pepe (PEPE) and reaching a milestone.
At the time of writing, WIF was trading at $4.28, up 90% of its price on a weekly basis. What was even more impressive was WIF's monthly performance because the popular memecoin recorded an increase of about 450%. DYOR
