Dogwifhat (WIF) Rockets 14% Higher in the Midst of Meme Coin Frenzy
Dogwifhat (WIF) saw a significant surge of 14.7%, reaching $3.42, driven by positive trends in the meme coin market. The total market capitalization of meme coins increased by 6% to $68.2 billion within the last 24 hours.
Increased inflows from bullish investors have contributed to the 14.7% surge in the value of Solana meme coin, Dogwifhat (WIF), over the past 24 hours. This surge can be attributed to the overall improved performance of meme coins in the market.
Market Trend
The current market capitalization of meme coins stands at $68.2 billion, representing a 6% increase within the last 24 hours. Solana tokens, categorized as meme coins, have experienced a 12% year-over-year increase, with daily volumes reaching $2.3 billion, surpassing the overall market.
The strong performance of Solana and the increased inflows into meme coins have had a positive impact on WIF and other assets. The consistent growth of Dogwifhat since its inception has garnered significant community support, particularly during the meme coin craze in the first quarter. Dogwifhat currently ranks among the top 30 crypto assets by market capitalization, surpassing Filecoin (FIL) in this regard.
A notable achievement for Solana meme currencies is breaking into the top 30, which has bolstered bullish sentiment in the community. Daily transactions have surged by 50% to reach $935 million, and Dogwifhat’s market capitalization currently stands at $3.4 billion.
As it Stands Now
Despite these advancements, the stock has not yet reached its all-time high of $4.85, which was achieved on March 31st during the meme coin frenzy. Dogwifhat is currently trading 29% below its all-time high.
Bulls are showing eagerness to acquire new holdings. The market turnaround is attributed to the approval of spot Ethereum exchange-traded funds (ETFs) and the anticipation leading up to this development. Additionally, the support shown by US legislators for crypto measures has contributed to the increased value of crypto assets.
As the largest Solana meme coin by market capitalization, Dogwifhat has sparked a surge in other comparable assets. Over the past 24 hours, Kitty AI has been the most successful investment, with gains in the triple digits.
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Today, the asset has increased by 668%, while Wokak and Banan Cat have seen increases of 24.5% and 63.7%, respectively. Floki and BONK have also experienced inflows, resulting in price increases of 10.9% and 4.8%, respectively. This bullish momentum can be attributed to the increasing popularity of meme coins.
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Kayode Michael is a seasoned cryptocurrency analyst, successful trader, and skilled writer with a strong command of cryptocurrency analysis and price action. He leverages his technical analysis skills to provide valuable insights into emerging market trends and potential opportunities for investors to make informed decisions.
