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Dogwifhat Becomes Third-Largest Meme Coin As Bitcoin Clings to $70K
Meme coins led by Solana-based dogwifhat surged, outpacing other niches such as DeFi and exchange tokens.
Bets on DOGE-tracked futures jumped to a record $2 billion, and some trading firms warned of a pullback in recent gains as bitcoin and ether price action showed signs of exhaustion.
Meme coins led by Solana-based dogwifhat (WIF) surged for the second day to lead as a category as the broader market remains little changed ahead of the long weekend in the U.S., Europe and parts of Asia.
Bitcoin {{BTC}} traded around $70,000 million during the Asian morning hours on Friday, showing little change in the past 24 hours. Ether {{ETH}}, Solanaâs SOL and Cardanoâs ADA slid 1%, while Bitcoin Cash (BCH) added 4% to continue its Thursday rally.
The broad-based CoinDesk 20, an index of the largest tokens minus stablecoins, was down 0.56%.
CoinGecko data shows that the meme coin category surged 8% on average, outpacing more serious niches such as decentralized finance, yield farms, and exchange tokens.
Meme tokens started to run early Thursday amid speculations of DOGE being used on an upcoming payments service of social application X, although there has been no official communication from the company.
Bets on DOGE-tracked futures jumped to a record $2 billion, indicative of expectations of future price volatility with a bias toward longs.
Dog-themed tokens such as floki (FLOKI) and WIF jumped as a beta bet to dogecoin. WIF flipped pepecoin (PEPE) to become the third-largest meme token by market capitalization, crossing the $4 mark on Thursday.
Meanwhile, some trading firms warned of a pullback in recent gains as bitcoin and ether price action showed signs of exhaustion.
âThe price rally has been exponential in Q1, and there are signs of exhaustion,â Singapore-based QCP Capital said in a Telegram broadcast Friday. âETH risk reversals are skewed to the downside at -8%, indicating some fear. Funding and forwards remain very elevated, which means that speculators are still paying high prices to keep their leveraged longs.â
âWhile we remain bullish, we are cautious about leverage,â the firm concluded.
Bets on DOGE-tracked futures jumped to a record $2 billion, and some trading firms warned of a pullback in recent gains as bitcoin and ether price action showed signs of exhaustion.
Meme coins led by Solana-based dogwifhat (WIF) surged for the second day to lead as a category as the broader market remains little changed ahead of the long weekend in the U.S., Europe and parts of Asia.
Bitcoin {{BTC}} traded around $70,000 million during the Asian morning hours on Friday, showing little change in the past 24 hours. Ether {{ETH}}, Solanaâs SOL and Cardanoâs ADA slid 1%, while Bitcoin Cash (BCH) added 4% to continue its Thursday rally.
The broad-based CoinDesk 20, an index of the largest tokens minus stablecoins, was down 0.56%.
CoinGecko data shows that the meme coin category surged 8% on average, outpacing more serious niches such as decentralized finance, yield farms, and exchange tokens.
Meme tokens started to run early Thursday amid speculations of DOGE being used on an upcoming payments service of social application X, although there has been no official communication from the company.
Bets on DOGE-tracked futures jumped to a record $2 billion, indicative of expectations of future price volatility with a bias toward longs.
Dog-themed tokens such as floki (FLOKI) and WIF jumped as a beta bet to dogecoin. WIF flipped pepecoin (PEPE) to become the third-largest meme token by market capitalization, crossing the $4 mark on Thursday.
Meanwhile, some trading firms warned of a pullback in recent gains as bitcoin and ether price action showed signs of exhaustion.
âThe price rally has been exponential in Q1, and there are signs of exhaustion,â Singapore-based QCP Capital said in a Telegram broadcast Friday. âETH risk reversals are skewed to the downside at -8%, indicating some fear. Funding and forwards remain very elevated, which means that speculators are still paying high prices to keep their leveraged longs.â
âWhile we remain bullish, we are cautious about leverage,â the firm concluded.
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$PIXEL
Eyes see, ears hear, and mouths are silent - this is how great investors work, waiting for the perfect moment to enter the market! đŒđ° The price has dropped significantly recently đ
, but therein lies the opportunity for great profits! đ Now is the time to definitely invest, because there are really exciting times ahead of us! đ Remember that the update to#pixelgameis just around the corner, and that means only one thing - increased interest and value of #PIXELcoin đźđ Let this silence be your signal to act! đ„ #OpportunitiesAreKnocking #GetReadyToHODL #BullorBear đ
Eyes see, ears hear, and mouths are silent - this is how great investors work, waiting for the perfect moment to enter the market! đŒđ° The price has dropped significantly recently đ
, but therein lies the opportunity for great profits! đ Now is the time to definitely invest, because there are really exciting times ahead of us! đ Remember that the update to#pixelgameis just around the corner, and that means only one thing - increased interest and value of #PIXELcoin đźđ Let this silence be your signal to act! đ„ #OpportunitiesAreKnocking #GetReadyToHODL #BullorBear đ