In the dynamic world of cryptocurrency, meme coins are making waves, with Dogwifhat emerging as a significant contender.
Experiencing a meteoric rise, the Solana-based meme coin has achieved a remarkable feat, becoming the third-largest meme coin by market capitalization, following in the footsteps of Dogecoin and Shiba Inu.
Dogwifhat’s Market Surge: A Breakdown
Dogwifhat kicked off its trading day at $3.21, maintaining stability until an abrupt surge around 9 am ET propelled its value to new heights.
With an all-time high surpassing $4, the coin currently trades at $3.73, marking a staggering 20% increase within a single day.
$WIF has flipped $PEPE, and is now the 3rd largest meme coin by market capitalization. pic.twitter.com/4vg1HnazkZ
— CoinGecko (@coingecko) March 29, 2024
The Influence of Dogwifhat in the Meme Coin Realm
This recent surge signifies Dogwifhat’s most robust daily performance since its inception, as it overtakes the long-standing meme coin, Pepe, to secure the 38th position in the Top 100 cryptocurrencies.
Also Read: The Rise of Memecoins: PEPE, Floki, Bonk, and Others Smash Records with 3,000% Weekly Volume Growth
Market data from CoinMarketCap indicates Dogwifhat’s market cap at $3.7 billion, placing it ahead of Pepe, which settles in 43rd place with a market cap of $3.32 billion.
Solana’s Emergence as the Meme Coin Hub
Solana blockchain has emerged as a preferred platform for meme coin trading, driven by its low transaction costs and efficiency.
Recent data from CoinGecko reveals a significant surge in the Solana meme coin sector, witnessing a 13% increase over the past week and over 40% growth in the last month.
The Dark Side of Meme Coin Frenzy
However, amidst the meme coin frenzy, the Solana blockchain has also witnessed a surge in presale scams, raising concerns within the crypto community.
Recent incidents, highlighted by crypto detective ZachXBT, shed light on fraudulent presale activities, with some projects secretly hoarding funds without fulfilling token distribution promises.
Despite the allure of quick gains, caution prevails as investors navigate through the murky waters of meme coin investments, wary of potential scams and rug pulls.