Dogwifhat Memecoin Now Third Largest, Even Top Holder Not Selling Despite 431% Rise
Summary:
Solana-based memecoin Dogwifhat (WIF) has overtaken Pepe (PEPE) token to become the third-largest memetoken by market cap. WIF witnessed an 87% weekly rally, reaching a high of $4.64, before settling at $4.32. Despite a 431% rise in the past month, the largest holder isn't selling their $139.5 million worth of WIF tokens. WIF's market cap sits at $4.3 billion, making it the 31st largest cryptocurrency. Arthur Hayes, ex-CEO of BitMEX, predicts WIF could rally to $10.
Dogwifhat (WIF), a memecoin reliant upon the Solana blockchain, outranked Pepe (PEPE) token on March 29, becoming the third-largest Memetoken by market valuation. Recording a fresh all-time peak of $4.64 on March 30, the Dogwifhat's value retreated slightly to settle at $4.32 as of 2:00 pm (UTC), as revealed by CoinMarketCap figures.
After registering a weekly surge of over 87%, Dogwifhat's market cap sits at $4.3 billion, leapfrogging over Pepe token's value of $3.4 billion. Consequently, WIF takes the 31st spot among all cryptocurrencies.
Although there's been a significant rise of over 431% in the value of WIF in the past month, the cryptotoken's principal accumulator hasn't shown any interest in offloading. According to Coinstats, this particular crypto wallet, owning $139.5 million worth of WIF tokens bought at a mean price of $0.32, hasn't liquidated despite realizing profits of $127.3 million.
Previously achieving a climax of $3 on March 14 post the acquisition of over $700,000 as crowdfunding to display the token's emblem on the Las Vegas sphere, the announcement of the crowdfunding campaign led to surging prices, with WIF experiencing a 25% hike instantly.
Just before the WIF token hit the $3 threshold, Arthur Hayes, ex-CEO of BitMEX and current CIO at Maelstrom, prognosticated that the Solana Memecoin would eventually reach $10. Dogwifhat isn't the first dog-inspired Memecoin to acquire sevearl billion dollars in valuation, with Dogecoin registered a peak market value of $75.2 billion in May 2021 and now pegged at $30.2 billion. To equate to DOGE’s market cap, the valuation of each WIF token would need to be $30.8, a prospect that isn’t beyond the realm of possibility in the volatile memecoin domain.
In 2021's bullish market trend, Dogecoin's value soared over 892% in the month prior to its historical peak, jumping from $0.07433 on April 12, 2021, to $0.7376 by May 6.
This piece does not offer financial advisory services or suggestions. All investments and trading actions are fraught with risks, hence potential investors should embark on thorough investigations prior to making decisions.
Published At
3/30/2024 5:32:44 PM
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