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

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

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.
 

Futures Market Updates

As BTC went back to $71K, $20M in shorts got rekt in the last 24H.

Bitcoin Futures Updates

Total BTC Open Interest: $38.64B (+3.31%)
BTC Volume (24H): $42.68B (+25.52%)
BTC Liquidations (24H): $3.41M (Long)/$20.69M (Short)
Long/Short Ratio: 51.46%/48.54%
Funding Rate: 0.0576%
 

Ether Futures Updates

Total ETH Open Interest: $14.37B (+3.40%)
ETH Volume (24H): $21.77B (+22.61%)
ETH Liquidations (24H): $4.12M (Long)/$13.97M (Short)
Long/Short Ratio: 52.64%/47.36%
Funding Rate: 0.0626%

Top 3 OI Surges

RATS: $2.91M (+108.11%)
CORE: $57.39M (+98.95%)
SWEAT: $3.50M (+83.61%)
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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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