Memecoin is back in the spotlight, with some of the most popular dog-themed tokens performing prominently during this bull cycle. Dogwifhat (WIF), Floki Inu (FLOKI), and Dogecoin (DOGE) have had impressive performances this month.
WIF’s market capitalization has soared to nearly $4 billion, surpassing PEPE and taking third place as the largest memecoin on the market by this metric.
Put your hat on and WIF will go to the moon?
Yesterday, the price of WIF rose 32% in half a day, breaking the all-time high (ATH) of $4. At the same time, its market capitalization jumped from $3.04 billion to $3.98 billion, a 30% increase over the same period, according to CoinMarketCap data.
With this incredible achievement, dogwifhat has flipped PEPE into the third-largest memecoin by market capitalization, and currently ranks just below Dogecoin and Shiba Inu (SHIB) in this category.
Top 5 memecoins by market capitalization. Source: CoinMarketCap
like reported According to EmberCN’s results, wifto100billy.sol, the largest WIF holder, earned unrealized profits of $134 million. These whales purchased 37 million WIF for approximately $9.33 million, at an average price of $0,248. When the ATH price of $4 was reached, the wallet gained 1440% from the reversal.
WIF’s market cap has since decreased to $3.65 billion, which is still up 15.25% from 24 hours ago and higher than PEPE’s market cap of $3.82.
$WIF Okay, it’s closer to $4. pic.twitter.com/SyXLRHUPnL
— Risicare (@risicare_eth) March 29, 2024
Similarly, WIF also received an 8.5% correction in ATH price. At the time of writing, the token is trading at $3.66, up 20% in 24 hours. Moreover, WIF’s market activity surged by 70% with daily trading volume reaching $808.4 million.
Dogwifhat shows “organic” growth, but what’s happening with Memecoins?
Dogwifhat is one of the newest players in the market and has achieved impressive results since its launch in November 2023. This token has gathered a loyal community focused on bringing the project “to the moon.”
WIF investors demonstrated the scale of the community by raising more than $700,000 in a matter of days as part of the Las Vegas Sphere project. Additionally, Cryptonary’s CTO Asad Saddique stated in an X post that Dogwifhat recently reached 100,000 “organic” holders.
WIF has surpassed 100,000 holders.
No brute force or gaming BS.
As far as I know, they’ve been tracking it manually every day since early December. pic.twitter.com/K1W4GHG98d
– Assad (@xbtcas) March 28, 2024
Nonetheless, the divisive memecoin pre-sale craze has raised fears of fatigue due to overexposure to these tokens, with some investors claiming that memecoin is only getting worse. Nevertheless, interest did not fade away.
Vitalik Buterin, the founder of Ethereum, recently published a blog post titled “What else could Memecoins be?” In the post, Buterin discussed the current state of the memecoin landscape and expressed “disappointment” that innovation is not bringing these projects to market.
Just this month alone, a lot of controversy surrounding memecoins has surrounded the cryptocurrency community, including the horrific launch of a racist and anti-Semitic token.
Undoubtedly, the memecoin market is vast, diverse and filled with ample potential for projects to develop and grow strong communities. Nonetheless, the project’s efforts to aim for more than just memes appear to have been overshadowed by its controversial actors in the market.
WIF is trading at 3.68 in the 1-day chart. Source: WIFUSDT on Tradingview.com Featured image from X.com, chart from TradingView.com
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