Dogwifhat Memecoin Could Triple in Value: Former BitMEX CEO Predicts
Summary:
Arthur Hayes, former BitMEX CEO, predicts the Solana-based memecoin Dogwifhat (WIF) might hit the $10 mark. Following a crowdfunding campaign to display its logo on the Las Vegas Sphere, the coin's value rose by 25%. Recent data from CoinMarketCap highlights substantial weekly gains and increasing market caps for memecoins. Franklin Templeton, a leading investment firm, has noted the potential for swift, though volatile, financial gains from investing in memecoins.
Arthur Hayes, former BitMEX CEO, and Maelstrom's chief investment officer, predicts that Dogwifhat (WIF), a popular memecoin based on Solana, might reach the $10 benchmark. Despite Dogwifhat hitting its ultimate high of $3 on March 14, Hayes anticipates it could triple in price, as stated in his March 14 post on social media platform X. This meteoric rise comes after Dogwifhat devotees contributed over $700,000 to display the token’s symbol on the Las Vegas Sphere, resulting in the coin’s value skyrocketing by 25%.
As per the latest data from CoinMarketCap, Dogwifhat increased by more than 39% before 1:52 p.m. UTC, trading at $3.13. Known as the 45th largest coin by market cap, its value grew by 79% over the week.
Recent data on memecoins' total market cap from CoinMarketCap, reporting a 7% increase in 24 hours amounting to $63.2 billion, and trading volumes surging by 69.3% to reach $15.3 billion, further underscores their popularity. Other well-known memecoins like Floki, PEPE, and Dogecoin also recorded significant weekly gains.
Franklin Templeton, a leading global investment firm, acknowledged the role of memecoins in the current market trends. In an investor note issued on March 14, the firm indicated that while memecoins have neither inherent value nor utility, they offer opportunities for swift financial gains. Despite their price volatility, memecoins yield quick profits and incur lower fees than their larger crypto counterparts.
Readers should take note that this news piece should not be seen as investment advice or recommendations. Every financial move entails risks, and due diligence should be undertaken before making any decisions.
Published At
3/14/2024 7:38:04 PM
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