• Tue. Apr 16th, 2024

Dogwifhat (WIF) Becomes A Top 3 Memecoin: What To Know

Steve Kornacki

BySteve Kornacki

Mar 30, 2024
Dogwifhat (WIF) Becomes As Top 3 Memecoin: What To Know

Dogwifhat (WIF) Becomes Third-Largest Memecoin

Dogwifhat (WIF) has emerged as the third-largest memecoin by market capitalization, replacing PEPE in that position. WIF’s price hit an all-time high of $4.64 on March 30 before settling at $4.32 later in the day, according to CoinMarketCap data.

This surge in WIF’s value represents an 87% rally in one week, propelling its market cap to $4.3 billion and surpassing the $3.4 billion market cap of the Pepe (PEPE) token. Notably, this places WIF as the 31st largest cryptocurrency by market cap, underlining its rapid ascent within the crypto market.

What sets Dogwifhat apart is its steadfast holding pattern among whales, with the largest holder owning unrealized profits exceeding $127 million. Despite the possibility of these massive gains, this major holder has yet to sell, indicating their strong confidence in WIF’s long-term potential.

Can WIF’s Price Reach The $10 Milestone?

The recent surge in WIF’s price followed a crowdfunding initiative where fans raised over $700K to advertise the token’s logo on the Las Vegas sphere. This strategic move resulted in a 25% price surge immediately after the advertisement, demonstrating the power of community-driven initiatives in boosting meme tokens’ values.

Accordingly, Arthur Hayes, former CEO of BitMEX and current chief investment officer at Maelstrom, predicts a rally to $10 for Dogwifhat shortly before it breached the $3 milestone. Hayes’ bullish outlook reflects the growing optimism surrounding WIF’s strong fundamentals and increasing adoption.

Dogwifhat’s meteoric rise parallels Dogecoin’s (DOGE) historic surge in 2021, where it reached a market capitalization of $75.2 billion. However, WIF’s price would need to soar to $30.8 per token, an eightfold increase from its current value, to match DOGE’s market cap.

In the volatile world of memecoins, such price fluctuations are not uncommon. For instance, DOGE itself experienced an 892% surge in the month leading up to its all-time high in 2021. As investors and enthusiasts continue to monitor Dogwifhat’s performance closely, the question remains: can WIF’s price reach the coveted $10 milestone?

Trader Nets Over 27,600% Profit On Memecoin

Meanwhile, a savvy investor recently made the headlines after achieving a 27,677% profit on a memecoin called Degen (DEGEN). Utilizing the Ethereum (ETH) layer-2 scaling solution Base, this trader turned an initial investment of 7.35 ETH (about $18,000) into $5 million.

Blockchain tracking firm Lookonchain first shared this remarkable success story. According to their data, the trader acquired 260 million DEGEN tokens in two separate transactions on January 15 and January 21.

Later, the investor strategically sold 102.5 million DEGEN for 1.26 million USDC but still has a balance of 157.5 million DEGEN, valued at $3.75 million, in their portfolio. With a market capitalization of $381.95 million, DEGEN currently trades at $0.0303, gaining a 20.67% increase in the last 24 hours per Coinmarketcap data.

Steve Kornacki

Steve Kornacki

Steve Kornacki, a respected author at Big Trends Signals, uses his deep online trading acumen to create comprehensive guides and balanced reviews, empowering traders in their digital pursuits.

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