TL;DR
- 20% Surge: Dogwifhat (WIF) experienced a 20% price increase in a single day, elevating it to the third-largest memecoin by market cap, surpassing Pepe coin and only behind Shiba Inu and Dogecoin.
- $4 Billion Market Cap: The value spike has pushed Dogwifhat’s market cap to $4 billion, with the largest WIF holder’s address seeing profits of $134 million, a 1440% increase.
- Future Growth: Despite some liquidations, WIF’s open interest grew by 29%, and it’s projected to reach a market valuation of over $10 billion, positioning it as a significant meme coin in the crypto market.
Dogwifhat (WIF), a memecoin that has captured the imagination of the cryptocurrency community, soared by 20% in a single day. This remarkable surge propelled WIF to become the third-largest memecoin by market capitalization, flipping the popular PEPE coin and trailing only behind the giants, Shiba Inu and Dogecoin.
The market for humorous cryptocurrencies called “memecoins” has a reputation for unpredictability and hype. Dogwifhat is a good example of this. The quirky brand, with its dog wearing a hat, has caught the attention of buyers and fans. This has spurred intense trading activity, with WIF reaching a price of $4 before a brief decline. Dogwifhat is currently priced at $3.75.
The rise of Dogwifhat is indicative of the broader trend in the cryptocurrency market, where memecoins have carved out a niche for themselves. These tokens, often created as a joke or to satirize the more serious aspects of the crypto industry, have nonetheless established a substantial presence and are increasingly being seen as legitimate investment opportunities by a growing section of the market.
Dogwifhat’s Market Cap Hits $4 Billion: The Third-Largest Memecoin Emerges
Today’s significant uptick in Dogwifhat (WIF) value has propelled its market cap to a remarkable $4 billion, ranking it as the third-largest MEME token by market size. WIF now surpasses PEPE in ranking and firmly holds a spot just below top contenders DOGE and SHIB.
The spotlight shines on the address with the most considerable WIF holdings, known as 2Fcm…PE6d. This address has gained extraordinary profits amounting to $134 million, a staggering growth of 1440%.
According to Coinglass, the surge in Dogwifhat (WIF) to a price of $4 resulted in liquidations totaling $2.09 million. This includes $705.39K from long-position liquidations and $1.39M from short-position liquidations. Despite a slight pullback from its peak price of $4, WIF’s open interest has increased by 29%, now standing at $528.6 million.
Zooming out to the wider market perspective, it’s anticipated that Dogwifhat will achieve a market valuation of over $10 billion in the foreseeable future, establishing it as a prominent blue-chip meme coin within the cryptocurrency landscape.
