According to U.Today, Dogwifhat (WIF), the largest Solana-based meme coin, is leading the current cryptocurrency surge. The WIF price has risen by over 27%, outpacing its closest competitor EGLD, which only increased by 17%. Smaller Solana meme coins are also showing impressive gains.
As the cryptocurrency sector recovers from yesterday's significant drop, meme coins are once again at the forefront. Dogwifhat's (WIF) price has exceeded the critical $2 level and is on the brink of surpassing Arbitrum (ARB) in terms of market cap following a 27% run, according to CoinGecko. At the time of writing, the combined WIF market cap reached $2.018 billion, while Arbitrum (ARB), which is also on the rise today, stands at $2.039 billion.
Other major meme coins are performing similarly. Shiba Inu (SHIB) has increased by 14% and has returned to the top 15 cryptocurrencies by market cap. Bonk (BONK) and Based Brett (BRETT) have also entered the top 10 fastest-growing cryptocurrencies with respective increases of 13% and 11%. The total crypto market cap has risen by 6% today, while Bitcoin (BTC) and Ethereum (ETH) have both added about 3% to their capitalization metrics.
The ongoing price recovery is proving challenging for those attempting to short the crypto market. Of the $184 million liquidations in the last 24 hours, over 75% are short positions, according to CoinGlass data. In terms of segments, Solana meme coins have been the best performers in the last day. This success can be attributed to the impressive dynamics of low-cap coins. For example, Popcat (POPCAT) has risen by 27% and has replaced Cat in Dogs World (MEW) as the largest Solana cat coin. Lesser-known meme coin Billy (BILLY) is on the verge of entering the top 250 cryptocurrencies by market cap after a remarkable 70% move. In total, the Solana meme coin segment has increased by 11% overnight.