In recent developments within the cryptocurrency market, Solana’s meme coin, Dogwifhat (WIF), has experienced a significant surge of 48% over the past 24 hours. This surge has propelled the trading value of Dogwifhat to over $2.11 early on Wednesday, marking a remarkable milestone as its market capitalization surpassed $2 billion, merely three months after its initial issuance.
Solana-based meme coin sees massive growth
Notably, this surge stands out as the highest among meme coins tracked on CoinGecko, especially those with a capitalization exceeding $1 billion. On average, the meme coin category witnessed a rise of 2.8%, with smaller cap tokens like myro (MYRO) and mog coin (MOG) experiencing even more substantial gains, reaching up to 80%.
Originally introduced to the market in November 2023, Dogwifhat quickly gained viral attention within crypto circles. Its memetic value primarily stems from its association with an image of a dog sporting a hat, leading to the widespread adoption of the term “wif hat” within the crypto community. Over the past 24 hours, Dogwifhat has seen trading volumes nearly reaching $1 billion, according to data provided by CoinGecko.
Remarkably, the Solana meme coin has become the first major meme token to surpass the $1 price threshold. Traditionally, meme tokens are characterized by a substantial circulating supply, and until now, none have breached the significant $1 mark, including popular tokens like dogecoin (DOGE) or shiba inu (SHIB).
The recent surge in the Solana meme coin’s price action is widely attributed to its listing on the prominent exchange Binance. Within its first day on the exchange, Binance recorded a staggering $219 million in Dogwifhat trades. The anticipation surrounding future exchange listings and its popularity among retail investors have further fueled Dogwifhat’s gains, as indicated by various sources.
Binance listing and market impact
The resurgence of meme coins into the spotlight coincides with a broader rally led by Bitcoin since late February. Investors perceive these tokens as a speculative bet on the potential growth of their underlying networks, a trend that has been previously observed. Dogwifhat remarkable surge underscores the growing prominence of meme coins within the cryptocurrency market, particularly amid Bitcoin’s rally.
With its unique memetic value and recent listing on Binance, Dogwifhat has captured the attention of investors seeking opportunities within the burgeoning world of cryptocurrency. As the market continues to evolve, meme coins like Dogwifhat could play an increasingly significant role in shaping the future landscape of digital assets.
The surge in the Solana meme coin’s price action reflects the growing interest in meme coins, particularly among retail investors attracted to the potential for significant gains within the volatile cryptocurrency market. Overall, Dogwifhat’s surge serves as a testament to the increasing influence of meme coins within the cryptocurrency landscape.
With its recent listing on Binance, it further solidifies its position as a prominent player in the market. As the crypto market continues to evolve, meme coins like Dogwifhat could offer investors unique opportunities for growth and speculation, driving further innovation and excitement within the space.
