Dan Burgin
The Solana-based token, regardless of being 4 months old, is getting into the elite meme coin scene.
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What occurred
The meme coin class has skilled a big 20% achieve in late March. The surge started on early Thursday with meme tokens displaying elevated momentum, fueled by hypothesis surrounding the potential integration of Dogecoin (DOGE) right into a forthcoming funds service of a social software often called X.
Dogwifhat (WIF) (a meme token) managed to flip Pepecoin (PEPE) in market capitalization rankings, turning into the third-largest meme token on this class. WIF’s value additionally rose above the $4 mark on March 28, displaying the most important value improve since its launch.
However, only a week later, WIF has misplaced most of its features. What will we make of all this?
WIF origins
The “Dogwifhat” meme originates from {a photograph} of a Shiba Inu canine carrying a beanie. In late December 2019, edited variations of this picture, that includes logos and pictures on the beanie, turned well-liked on Twitter, particularly, within the eSports neighborhood.
WIF entered the open market in December 2023 at roughly $0.001555. By the top of that month, it had surged to $0.30 earlier than declining to $0.08 in January. This fast fluctuation in value highlights the speculative nature of meme cash like WIF.
The founders of the dogwifhat undertaking are nameless, however they drew inspiration from Dogecoin (DOGE), the well-known meme coin. Unlike DOGE, which has practical use circumstances, the worth of dogwifhat is pushed solely by hypothesis.
WIF value potential
Meme cash famously entice large and younger retail buyers with their relative cheapness, massive value actions, and their robust bond with present web tradition.
The value of Dogwifhat (WIF) reached its latest all-time excessive of $4.64 on March 30, hovering greater than 250,000% since its launch.
However, previously week, the value has dropped by greater than 10%, and it’s at the moment buying and selling at $3.8. Despite this recent drop, WIF nonetheless holds the third place when it comes to market capitalization ($3.25 billion), though it has decreased by 28% this week.
The general meme cash market sentiment appears resilient (though, some may argue that the meme cash rise is an indication of a possible crypto market crash). In the previous month, meme cash’ complete market cap has reached over $55 billion.
The approval of US ETFs investing instantly in Bitcoin in January sparked an $800 billion rally in crypto in simply the previous month. It’s extensively believed available in the market {that a} memecoin frenzy follows a Bitcoin rally.
Memecoins like Dogwifhat’s WIF, Pepe, and Bonk have skyrocketed since late February, pushing the worth of their complete circulating provide into the billions of {dollars}.
High volatility is likely one of the the reason why meme cash are so well-liked amongst retail buyers. In this regard, WIF is probably going to proceed to ship massive value actions.
About the writer
Dan Burgin
