Back to main

Dogwifhat Surges to Become Third-Largest Meme Coin, Overtaking Pepe Token in Market Cap

Dogwifhat (WIF), a cryptocurrency emerging from the world of internet memes, has made significant waves in the digital currency space by becoming the third-largest memecoin by market capitalization as of March 29.

This achievement saw it overtake the Pepe (PEPE) token in the rankings.

Achieving a new peak, the price of Dogwifhat soared to an all-time high of $4.64 on March 30, only to adjust slightly to $4.32 by 2:00 pm (UTC) the same day, based on data from CoinMarketCap.

The remarkable surge of over 87% in a week propelled Dogwifhat’s market cap to $4.3 billion, thus surpassing Pepe token’s valuation of $3.4 billion.

Such growth has positioned WIF as the 31st largest cryptocurrency overall.

The largest holder of WIF, despite the coin’s 431% increase over the past month, is opting to retain their investment.

Holding $139.5 million worth of WIF tokens, initially purchased at an average price of $0.32, this wallet now sits on an unrealized profit of $127.3 million, as per Coinstats.

READ MORE: Anthropic Shuns Saudi Investments Amid FTX Bankruptcy Sale, Citing National Security Concerns

The momentum behind Dogwifhat’s rise was notably boosted on March 14, reaching a then peak of $3 following a crowdfunding initiative that gathered over $700,000 for advertising the token on the Las Vegas sphere, resulting in a 25% price increase post-announcement.

Arthur Hayes, the ex-CEO of BitMEX and now chief investment officer at Maelstrom, forecasted on March 14 through an X post that Dogwifhat could reach a $10 valuation, stating, “The hat stays on while I count to $10.”

Dogwifhat joins the ranks of dog-themed memecoins like Dogecoin, which soared to a $75.2 billion market cap in May 2021, currently valued at $30.2 billion.

To match Dogecoin’s market cap, Dogwifhat’s price would need to reach $30.8 per token, an eightfold increase not deemed improbable in the volatile memecoin market.

Reflecting on Dogecoin’s performance during the 2021 bull market, it witnessed an over 892% price increase from $0.07433 on April 12, 2021, to $0.7376 on May 6, illustrating the dynamic and unpredictable nature of memecoin valuations.

To submit a crypto press release (PR), send an email to [email protected].

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Read on Crypto Intelligence Investment Disclaimer