Memecoins are in the spotlight again as some of the most popular dog-themed tokens have performed remarkably well during this bull cycle. Dogwifhat (WIF), Floki Inu (FLOKI), and Dogecoin (DOGE) all posted impressive numbers this month.
WIF’s market capitalization has soared to nearly $4 billion, surpassing PEPE and taking third place as the largest memecoin on the market by this metric.
Hats off, is WIF going to the moon?
Yesterday, WIF’s price increased by 32% in half a day, setting a new all-time high (ATH) of $4. Simultaneously, its market capitalization jumped from $3.04 billion to $3.98 billion, according to data from CoinMarketCap, which represents a 30% increase in the same period.
This remarkable performance saw dogwifhat overtake PEPE as the third largest memecoin by market cap, now ranked just below Dogecoin and Shiba Inu (SHIB) in this category.
Top 5 memecoins by market capitalization. Source: CoinMarketCap
As reported by EmberCN, this performance earned wifto100billy.sol, the largest WIF holder, $134 million in unrealized profits. This whale purchased 37 million WIF for approximately $9.33 million, with an average of $0.248. When it reached the ATH price of $4, the portfolio made a 1,440% gain on the flip.
Since then, WIF’s market cap has decreased to $3.65 billion, which is still a 15.25% increase from 24 hours ago and remains above PEPE’s $3.82 market cap .
$WIF approaching US$4 as pic.twitter.com/SyXLRHUPnL
— risicare (@risicare_eth) March 29, 2024
Similarly, WIF saw an 8.5% correction from its ATH price. At the time of writing, the token was changing hands at $3.66, up 20% in 24 hours. Additionally, WIF’s market activity soared by 70%, with its daily trading volume reaching $808.4 million.
Dogwifhat Shows “Organic” Growth, But What’s Happening to Memecoins
Dogwifhat is one of the newest players on the market and has achieved incredible achievements since its launch in November 2023. The token has accumulated a loyal community that appears to be focused on taking the project “to the moon”.
After putting on their hat, WIF investors raised more than $700,000 in just a few days as part of the Las Vegas Sphere project, showing the extent of the community. Furthermore, Cryptonary CTO Asad Saddique revealed in an X post that Dogwifhat recently reached 100,000 “organic” holders.
WIF has just surpassed 100,000 holders
no brute force or game nonsense
I know because I have manually tracked it daily since the beginning of December pic.twitter.com/K1W4GHG98d
-asad (@xbtcas) March 28, 2024
However, the divisive memecoin pre-sale frenzy has created fears of fatigue due to overexposure to these tokens, with some investors arguing that memecoins are getting worse. Despite this, interest did not disappear.
Ethereum founder Vitalik Buterin recently Published a blog post titled “What Else Could Memecoins Be?” In the post, Buterin discussed the current state of the memecoin landscape and expressed his “disappointment” that innovation is not bringing these projects to market.
Just this month, many controversies have surrounded the crypto community regarding memecoins, including the horrific launch of racist and anti-Semitic tokens.
Without a doubt, the memecoin market is broad, diverse and full of enough potential for projects to develop and develop a strong community. Still, it seems that the efforts of projects that aim to be more than a meme are overshadowed by controversial market players.
WIF is trading at 3.68 in the 1-day chart. Source: WIFUSDT on Tradingview.com
Featured image from X.com, chart from TradingView.com
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