Dogwifhat (WIF) , Third Spot Among Meme Coins
Over the past week, the value of dogwifhat (WIF) experienced a significant increase of 90% when compared to the dollar. It currently holds the 31st spot in the overall cryptocurrency market and has become the third-largest meme coin by market cap. It ranks higher in valuation than pepe (PEPE), floki (FLOKI), and bonk (BONK), positioned below dogecoin (DOGE) and shiba inu (SHIB).
With a price range of $4.31 to $4.34 per unit, it’s just 6% away from its all-time high, which was reached around 5 a.m. Eastern Time on March 30. As of Saturday, the market capitalization of WIF stands at around $4.33 billion, and there are currently 998,926,392 WIF in circulation. Binance has the largest share, with 14.2648% of the supply or 142.49 million WIF.
At present, there are approximately 108,570 unique addresses that hold WIF. The top ten holders possess around 312 million WIF, which accounts for 31.24% of the total supply. WIF’s trading volume is primarily against tether (USDT), with the Turkish lira being the second most traded pair. This is followed by USD, BTC, and FDUSD, which make up the top five trading pairs in terms of volume.
The rise of dogwifhat (WIF)
The rise of dogwifhat (WIF) comes as there is a notable increase in interest for meme coin assets, and DOGE has recently surpassed the $0.20 threshold for the first time this year. WIF has an impressive global trading volume over the weekend, ranking fourth after BTC and the leading stablecoins. Notable activity from major holders has also been noticed, as they gather millions of WIF.
After seeing a weekly increase of more than 87%, Dogwifhat has emerged as the third-largest meme coin, boasting a market capitalization of $4.3 billion. This surpasses Pepe, which currently holds a market capitalization of $3.4 billion. As a result, WIF ranks as the 31st most significant cryptocurrency. Although WIF has experienced a significant increase of over 431% in the previous month, the largest holder has not yet made any sales. According to Coinstats, the wallet currently contains a total of $139.5 million worth of WIF tokens. These tokens were purchased at an average price of $0.32.
The wallet has an unrealized profit of $127.3 million. On March 14, the price of Dogwifhat reached its previous top of $3, following a fundraising effort by enthusiasts that generated over $700,000 to promote the token’s emblem on the Las Vegas sphere. The price of WIF experienced a 25% increase immediately following the announcement of the crowdfunding initiative.
Can Dogwifhat (WIF) price rally to $10?
Arthur Hayes predicted that the meme coin headquartered on Solana would reach the $10 mark just before reaching $3 for the first time. In a post on March 14, Hayes, the former CEO of BitMEX and current chief investment officer of Maelstrom, stated that Dogwifhat, despite being derived from an online meme, is not the first dog-themed meme coin to achieve valuations in the multibillion-dollar range. In May 2021, Dogecoin $0.19 achieved an unprecedented market capitalization of $75.2 billion, and its current value is at $30.2 billion.
The price of Dogwifhat would be $30.8 per token to align with DOGE’s market capitalization, representing an eightfold surge, a phenomenon frequently observed in the meme coin industry.
In the bull market of 2021, the price of Dogecoin experienced a significant increase of more than 892% in the month preceding its peak. It surged from $0.07433 on April 12, 2021, to $0.7376 on May 6, reaching its all-time high.
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