Dogwifhat en route to $10? WIF is now the third-biggest memecoin as whales hold tight

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Bitget2024/04/01 05:40

By:Moon

Dogwifhat (WIF), a Solana-based memecoin, became the third-largest memecoin by market capitalization on March 29, surpassing Pepe (PEPE). The price of Dogwifhat hit a new all-time high of $4.64 on March 30 before retracing to its current $4.32 mark as of 2:00 pm UTC, according to CoinMarketCap data. Following an over 87% weekly rally, Dogwifhat became the third-largest memecoin with a $4.3 billion market cap, surpassing Pepe, which has a market cap of $3.4 billion. This makes WIF the 31st-largest cryptocurrency.

Despite WIF rising over 431% during the past month, the largest holder is still not selling. The wallet is holding a total of $139.5 million worth of WIF tokens, bought at an average price of $0.32, with a current unrealized profit of $127.3 million, according to Coinstats.

Dogwifhat en route to $10? WIF is now the third-biggest memecoin as whales hold tight image 0

Source: CoinTelegraph

Dogwifhat is not the first dog-themed memecoin to reach multibillion-dollar valuations despite being based on an internet meme. Dogecoin reached a record $75.2 billion market capitalization in May 2021 and is currently worth $30.2 billion. Dogwifhat price would be $30.8 per token to match DOGE’s market cap, an eightfold increase, which isn’t uncommon in the memecoin world. During the 2021 bull market, Dogecoin price rose over 892% in the month leading up to its all-time high, from $0.07433 on April 12, 2021, to $0.7376 on May 6.

Shortly before WIF hitting the $3 mark for the first time, Arthur Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, predicted that the Solana-based memecoin would rally to the $10 mark.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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