Dogwifhat token surpassed Pepe to take third place in market capitalization of all meme coins.
Dogwifhat (WIF), with a market cap of $3.6 billion, currently ranks second behind meme giants Dogecoin (DOGE) and Shiba Inu (SHIB), which have market caps of $31.1 billion and $18 billion, respectively, according to CoinGecko.
In the last 24 hours, WIF has become one of the key growth leaders, with the coin’s price rising by more than 16%, reaching an all-time high (ATH) of $4.01 on March 29.
Data from CoinGecko shows that the meme coin category has grown by an average of 8%, outpacing larger niche markets such as decentralized finance, yield farming, and exchange tokens.
Meme tokens began surging on March 28 as rumors spread that DOGE would be used in social app X’s future payment service. However, there was no official comment from the company.
Ethereum co-founder Vitalik Buterin also took notice of the meme coin market, considering various options for using this asset class, including financing public projects. In particular, he suggested using meme coins to raise funds for charity. In addition, Buterin proposed expanding the scope of meme coins and introducing them into the gaming industry.
Buterin also pointed out that by 2024, meme coins have become one of the main topics of discussion in the community. He drew parallels between Dogecoin and the 2021 bull market when Shiba Inu coins were at the peak of their popularity.