On March 29, Dogwifhat (WIF), a memecoin headquartered in Solana, surpassed Pepe (PEPE) token to become the third-largest memetoken by market valuation.
According to CoinMarketCap data, Dogwifhat’s price reached a new all-time high of $4.64 on March 30 before declining to its current $4.32 level as of 2:00 pm (UTC).
Dogwifhat surpassed the Pepe token’s $3.4 billion market cap to become the third-largest memecoin, with a $4.3 billion market cap, after a weekly rise of almost 87%.As a result, WIF is now the thirty-first-largest cryptocurrency.
Even though WIF has increased by more than 431% in the last month, the largest holding has not sold.According to Coinstats, the wallet currently has $139.5 million worth of WIF tokens in it, purchased at an average price of $0.32. This represents an unrealized profit of $127.3 million.
On March 14, Dogwifhat’s price reached its previous high of $3 as a result of supporters raising over $700,000 to display the token’s emblem on the Las Vegas globe.WIF’s price increased by 25% as soon as the crowdfunding campaign was revealed.
Arthur Hayes projected that the memecoin headquartered in Solana would rise to $10 just before it initially touched $3.In an X post from March 14, Hayes, the chief investment officer of Maelstrom and the former CEO of BitMEX, wrote.
Although Dogwifhat is based on an internet meme, it is not the first dog-themed memecoin to attain multibillion-dollar valuations.In May 2021, Dogecoin’s market capitalization hit a record $75.2 billion; at present, its value stands at $30.2 billion.To reach DOGE’s market size, Dogwifhat’s price would need to rise eightfold, to $30.8 per token, which is standard for the memecoin industry.Dogecoin’s price increased by approximately 892% in the month preceding its peak, from $0.07433 on April 12, 2021, to $0.7376 on May 6, during the bull market of 2021.