- Dogwifhat (WIF) surged 14% in the last 24 hours, displacing Filecoin and breaking into the top 30 crypto assets by market capitalization.
- The asset’s rise is part of a wider meme coin rally, reflecting high volatility and shifting market sentiments.
In a remarkable turn of events, Dogwifhat (WIF), a meme coin built on the Solana blockchain, has surged 14% in the past 24 hours. This price jump has catapulted WIF into the top 30 crypto assets by market capitalization, displacing Filecoin (FIL). Currently trading at $3.42, WIF has captured the attention of both investors and crypto enthusiasts.
The broader meme coin market has also experienced a significant uptick. With the market capitalization of meme coins reaching $68.2 billion, a 6% increase over the last 24 hours, the sector is showing robust growth. Solana-based tokens, in particular, have outpaced the general market, boasting 12% gains and a daily trading volume of $2.3 billion.
Dogwifhat Breaks Into Top 30
Since its launch, Dogwifhat has seen a steady rise in popularity and support within the crypto community. This latest surge marks a critical milestone for WIF, as it now ranks among the top 30 crypto assets by market capitalization. With a market cap of $3.4 billion and daily volumes soaring 50% to $935 million, Dogwifhat is demonstrating significant market traction.
Despite these gains, WIF still trades 29% below its all-time high of $4.85, achieved on March 31 during a meme coin frenzy. However, the current bullish sentiment suggests potential for further upward movement. Recent market dynamics, including the approval of spot Ethereum ETFs and favorable legislative developments in the United States, have contributed to a broader market turnaround, benefiting assets like WIF.
Wider Meme Coins Surge
Dogwifhat’s impressive performance has sparked a rally among other meme coins. Kitty AI has emerged as the biggest winner, skyrocketing by 668% in the past 24 hours. Similarly, Wokak and Banan Cat have posted gains of 24.5% and 63.7%, respectively. Even established meme coins like Floki and BONK have seen significant inflows, with their prices rising by 10.9% and 4.8%, respectively.
This surge in meme coins reflects heightened market volatility and shifting investor sentiments. The renewed interest in meme coins, particularly those on the Solana network, underscores the dynamic and often unpredictable nature of the cryptocurrency market. As investors continue to seek high-yield opportunities, meme coins like Dogwifhat are poised to capture significant attention and capital.
The ongoing developments in the cryptocurrency landscape, coupled with the unique appeal of meme coins, suggest that Dogwifhat and its peers may continue to experience substantial growth. Investors and market watchers will be keenly observing how these trends unfold in the coming days.