8 months ago
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Meme coins, often inspired by internet memes or popular culture, have generally gained massive popularity in recent times.
Dogwifhat (WIF) is currently experiencing a remarkable surge that has helped it break into the high ranks of the meme coin space. According to CoinMarketCap data, Dogwifhat is now the third-largest meme coin in terms of market capitalization. It gained a remarkable 28% in the past 24 hours, its best daily performance since launching on Solana last November. As a result of the surge, the coin’s token has now reached an all-time high of $3.97, while its market cap stands at $3.8 billion.
The recent gains have been enough for the Solana-based meme coin to displace its Ethereum-based counterpart Pepe in terms of market capitalization. As of publication, Pepe’s market cap stands closely behind Dogwifhat’s at $3.37.
The coin’s growing relevance also extends beyond the realms of meme coins. On the overall ranking table, Dogwifhat now holds the 38th spot among the top 100 cryptocurrencies. That is after relegating Pepe to the 43rd position on the same log.
Dogwifhat’s Surge: A Reflection of Meme Coins Frenzy
It might be worth noting that Dogwifhat’s performance is not restricted to the coin alone. Meme coins, often inspired by internet memes or popular culture, have generally gained massive popularity in recent times.
To put the above statement into perspective, meme coins have been stealing the spotlight lately while the broader cryptocurrency market remains relatively flat. For the second day in a row, meme coins have outperformed other niches including DeFi and exchange tokens.
Other meme tokens that are also seeing massive gains include Dogecoin (DOGE), Floki, and BONK. They have respective gains of 16.83%, 12.7%, and 10%, confirming the meme coin mania. However, WIF continues to outperform others in an unprecedented manner. Recently, Coinspeaker reported that it moved to the fourth spot following a successful fundraiser by its community. However, there seems to be more to what drives its massive gains.
Skeptics Remain Cautious
Despite what looks like a growing confidence in meme coins, they are known to be highly volatile. That is because their prices can swing dramatically over the most trivial things. From social media trends to celebrity endorsements, many believe that meme coins lack fundamental value, and their prices can change over just about anything. Nonetheless, Dogwifhat’s recent ascent to the top three meme coins reflects the unpredictable nature of this corner of the crypto market.
