Dogwifhat (WIF) Sets New High, Surpasses Pepe in Market Cap
After a month of vibrant activity, Dogwifhat has recorded a staggering growth rate of 77%.
Dogwifhat (WIF) Sets New High, Surpasses Pepe. Image: Finbold
Dogwifhat, a memecoin launched on the Solana ecosystem last November, continues to establish new highs with relentless upward momentum since the start of today.
The price of WIF had remained stable around $3.21 until the early hours of March 29, when it suddenly surged to a new all-time high (ATH) of $4.04. At the time of writing, WIF is priced at $3.97 per token with no signs of a downturn.
1-hour chart of WIF/USDT pair on Binance at 09:50 AM on March 29, 2024
Recently, Dogwifhat has even surpassed the long-standing memecoin, Pepe (PEPE), rising to the 38th position among the top 100 cryptocurrencies by market capitalization. Within the memecoin segment, WIF currently ranks 3rd with a market cap of $3.9 billion, trailing only Dogecoin (DOGE) and Shiba Inu (SHIB).
Top memecoins ranked by market capitalization. Source: CoinGecko
The Relative Strength Index (RSI) of Dogwifhat, indicating whether the market is dominated by bulls or bears, is currently at 69 points. This suggests WIF is in overbought territory and may soon peak and undergo a price correction. However, due to the youthful nature of WIF and limited historical data for reference, relying solely on technical analysis to predict price movements may not be sufficient.
Earlier this month, WIF experienced a rollercoaster ride, mirroring Bitcoin's movements. The memecoin draws inspiration from Dogecoin but with a more whimsical twist, featuring a hat and listed on Binance, quickly achieving a $2 billion market cap just four months after its inception. Recently, the original image of WIF as a memecoin was even auctioned off as an NFT for $4.3 million.
Alongside the success of Dogwifhat, several other memecoins have shown strong movements in the past 7 days, including Dogecoin (+42.8%), Shiba Inu (+16.7%), Floki (+18.3%), and BONK (+28%).
Given the volatile nature and risks of the cryptocurrency market, particularly with memecoins, users should carefully consider their decisions before investing in any coin, including Dogwifhat—a memecoin that has emerged with nothing but the symbolism of a dog wearing a hat.
