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WIF Surpasses PEPE to Become Third Largest Meme Coin by Market Cap After DOGE and SHIB
While the overall cryptocurrency market remains relatively stable, meme coins have been gaining momentum, with Dogwifhat emerging as a front-runner.
The red-hot Solana-based meme coin has recently reached a new all-time high, becoming the third largest meme coin by market cap after Dogecoin and Shiba Inu.
Starting the day at $3.21, the coin experienced sideways trading until around 9 am ET, after which it witnessed a sudden spike.
Earlier today, it reached an all-time high of above $4 and is currently trading at $3.73, up by more than 20% over the past day.
The coin has surpassed the more established meme coin Pepe, securing the 38th position in the Top 100.
According to data from CoinMarketCap, Dogwifhat has a market cap of $3.7 billion, while Pepe settles in 43rd place with a market cap of $3.32 billion.
It is important to note that meme coins are highly volatile and lack strong fundamentals.
The vision behind WIF is simply “literally just a dog wif a hat.”
As a result, they are influenced by random events, such as tweets, unrelated news, and the movements of other coins.
Market sentiment plays a larger role in driving these tokens than any tangible factors.
Other meme coins are also performing well today.
In the overall Top 100 of the crypto industry, the four best-performing tokens are meme coins: Dogecoin (+16.83%), Floki (+12.7%), and BONK (+10%).
Outside of the top 10, PEPE has seen an 2% increase and is currently trading at $0.000007883 per token, while Shiba Inu is up 5.85% to $0.00003179.
A total of 65 out of the 100 biggest meme coins have posted gains in the last 24 hours.
