Dogwifhat Up 23% As This Solana Darling Ranks 5th By Memecoin Mcap: 'The Doge Of This Cycle,' Says Crypto Expert

Dogwifhat Up 23% As This Solana Darling Ranks 5th By Memecoin Mcap: ‘The Doge Of This Cycle,’ Says Crypto Expert

14 February 2024

in DOGE

Reading Time: 5 mins read

February 14, 2024 2:40 PM | 2 min read

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Solana’s “Dogecoin killer” dogwifhat (CRYPTO: WIF) clocked a 23.2% gain in the past 24 hours, powered by Bitcoin cracking the $52,000 mark.

What Happened: Dogwifhat surged into the top five memecoins by market capitalization, based on CoinGecko data. This placed it alongside elite memecoins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) and behind Bonk (CRYPTO: BONK) and Pepe (CRYPTO: PEPE).

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WIF has rocketed to a market cap of $461.6 million at the time of writing in a very short span — as recently as Jan. 5, it traded around $130 million.

[crypto-donation-box]

It has thus surpassed popular memecoins that came before it such as Floki (CRYPTO: FLOKI) and Memecoin (CRYPTO: MEME).

Also Read: GameStop, Dogwifhat And ‘Dogecoin Killers:’ How Memecoins Teach A ‘Skill To Succeed’ In Crypto

Why It Matters: Solana (CRYPTO: SOL) memecoins are worth $1.4 billion out of a total “memecoin market cap” of $22.8 billion, according to Coingecko. Although these memecoins lack relevant use cases or real-world utility, traders are still attracted to them for potential speculative gains.

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“Hat stays on” was the mantra of cryptocurrency observers and influencers such as Dmitriy, Ansem, alexiuss and Uncle Eddie among many others.

Joe Ayoub, a former crypto research lead and founder of Rug_ai, tweets, “$WIF is the $DOGE of this cycle”

Demo’ed @rug_ai for 2 world-leading institutions this week.

Both times they’ve asked to see $WIF.

1) $WIF is the $DOGE of this cycle
2) We need to launch @rug_ai on Solana

— Joe Ayoub (@Crypto_Joe10) February 12, 2024

Others, including Floki and MAGA, are in line to grab a spot in the top five memecoins, as they have also witnessed significant rallies in recent weeks.

Read Next: Fair Play? Traders Turn $3,694 Into $1.78 Million With Copy Of ‘Dogecoin Killer’ $WIF

Photo: Shutterstock