Dogwifhat (WIF) Flips PEPE As The 3rd Largest Memecoin After Hitting $4

Meme coins, featuring adorable canine themes, are once more drawing attention due to their outstanding performance during the current cryptocurrency bull run. Notably, Dogewhats (WIF), Floki Inu (FLOKI), and Dogecoin (DOGE) have posted impressive gains in the past month.

The market value of WIF soared to nearly $4 billion, making it the third largest memecoin in terms of market capitalization, overtaking PEPE in this ranking.

Hats On, Is WIF Going To The Moon?

Yesterday, the price of WIF surged by 32% within just half a day, reaching an unprecedented peak of $4. In tandem with this price hike, its market capitalization experienced a substantial growth from $3.04 billion to $3.98 billion, as indicated by CoinMarketCap statistics, signifying a 30% expansion over the same time period.

In an impressive turn of events, dogwifhat’s outstanding display propelled it to become the number three memecoin by market capitalization, surpassing other contenders and only trailing behind Dogecoin and Shiba Inu (SHIB) in this particular ranking.

Dogwifhat (WIF) Flips PEPE As The 3rd Largest Memecoin After Hitting $4

According to EmberCN’s latest update, wifto100billy.sol, the largest WIF investor, earned approximately $134 million in potential profits from their initial investment of around $9.33 million in 37 million WIF tokens. This equates to an average price paid of $0.248 per token. When the price peaked at $4 per token, this wallet experienced a massive gain of over 1400%.

After that point, the market value of WIF dropped to $3.65 billion, representing a 15.25% rise in comparison to the previous day’s figure, and surpassing PEPE‘s market cap of $3.82.

$WIF approaching $4 like
— risicare (@risicare_eth) March 29, 2024

In a comparable fashion, WIF experienced a decrease of 8.5% from its all-time high price. Currently, the token is being traded at $3.66, representing a 20% rise within the last 24 hours. Additionally, there has been a significant surge in market activity for WIF, resulting in a daily trading volume of approximately $808.4 million – a 70% increase.

Dogwifhat Shows “Organic” Growth, But What’s Going On With Memecoins

Since its debut in November 2023, Dogwifhat, a relatively new market entrant, has made remarkable strides and gained a dedicated following. This enthusiastic community is determined to help the project reach great heights, metaphorically speaking, by bringing it to new heights of success.

After donning their hats, WIF investors successfully collected over $700,000 for the Las Vegas Sphere project within a few days, demonstrating the strong community support. Additionally, Asad Saddique, CTO of Cryptonary, announced on Reddit that Dogwifhat has recently surpassed 100,000 “grassroots” investors.

WIF just crossed 100,000 holders
no brute force or gamed bs
i know bc ive manually tracked it daily since early dec
— asad (@xbtcas) March 28, 2024

Despite the divisiveness surrounding memecoin presales and concerns of saturation from excessive exposure, some investors maintain their enthusiasm, arguing against the notion that memecoins are deteriorating.

Vitalik Buterin, the creator of Ethereum, recently wrote a blog entry named “What More Could Memecoins Offer?” In this piece, he shared his thoughts on the present situation of memecoins and voiced his frustration that these initiatives aren’t pushing for innovation to reach consumers.

This month, there have been numerous disputes within the crypto world concerning memecoins. Shockingly, some offensive and discriminatory tokens with racist and antisemitic themes were introduced.

Without a doubt, the memecoin market encompasses a wide range of projects with significant growth potential and dedicated communities. However, it seems that initiatives striving for more substance are often eclipsed by the limelight grabbed by controversial figures in the market.

Dogwifhat (WIF) Flips PEPE As The 3rd Largest Memecoin After Hitting $4

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2024-03-30 00:40