2024-04-01
The Solana-based memecoin, Dogwifhat (WIF), has become a significant player in the market, surpassing Pepe (PEPE) to become the third-largest memecoin by market capitalization.
On March 30, Dogwifhat hit a new all-time high of $4.64 before retracing to its current price of $4.32.
With a weekly rally of over 87%, Dogwifhat now boasts a market capitalization of $4.3 billion, making it the 31st-largest cryptocurrency. Meanwhile, its largest holder has been holding strong, despite the coin's impressive 431% rise in the past month.
The wallet currently holds $139.5 million worth of WIF tokens, which were bought at an average price of $0.32. With the current market price, the holder's unrealized profit stands at an astounding $127.3 million.
Dogwifhat's journey to success has been fueled by its dedicated fanbase. In March, supporters raised over $700,000 to advertise the token's logo on the iconic Las Vegas sphere. This effort resulted in a 25% price surge immediately after the announcement.
Even before this crowdfunding campaign, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that Dogwifhat would rally to $10. Hayes confidently stated, "The hat stays on while I count to $10."
While Dogwifhat's achievements are impressive, it is not the first dog-themed memecoin to reach such high valuations. Dogecoin, based on the popular internet meme, reached a market capitalization of $75.2 billion in May 2021 and is currently valued at $30.2 billion.
To match Dogecoin's market cap, Dogwifhat's price would need to increase to $30.8 per token, an eightfold increase. Such substantial gains are not uncommon in the memecoin world, as Dogecoin itself experienced an 892% rise in the month leading up to its all-time high.
The memecoin market continues to be a fascinating space, with coins like Dogwifhat capturing the attention of investors and enthusiasts alike. As the crypto world evolves, who knows what other surprises and successes await us.
