TL;DR
- 20% Surge:Ā 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:Ā The value spike has pushed Dogwifhatās market cap to $4 billion, with the largest WIF holderās address seeing profits of $134 million, a 1440% increase.
- Future Growth:Ā Despite some liquidations, WIFās open interest grew by 29%, and itās 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.
Dogwifhatās Market Cap Hits $4 Billion: The Third-Largest Memecoin Emerges
Todayās 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 2Fcmā¦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, WIFās open interest has increased by 29%, now standing at $528.6 million.
Zooming out to the wider market perspective, itās 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.