TL;DR
- WIF hits a new ATH, while other meme coins such as DOGE and SHIB are also well in the green.
- Despite the impressive gains, investors are cautioned to be careful when dealing with assets of that type due to their infamous volatility.
The trending Solana-based meme coin – dogwifhat (WIF) – seems to have no limitations, charting a new all-time high price of $4 (per CoinGecko’s data). Its market capitalization touched a whooping level of $4 billion.
WIF’s market cap currently stands at approximately $3.7 billion, making it the 40th-biggest cryptocurrency and the third-largest in the meme coin realm. Pepe Coin (PEPE) dropped to the fourth position with a capitalization of around $3.3 billion.
WIF’s latest resurgence coincides with a significant revival of the meme coin niche. The leading asset of that type – Dogecoin (DOGE) – exceeded the $0.20 mark, witnessing gains of 32% on a weekly scale. Shiba Inu (SHIB) is also well in the green, albeit in a more modest fashion.
It is safe to say that WIF’s success is more than impressive considering the fact that it entered the market at the end of last year. Its price is up over 2,000% since the beginning of 2024 and the rally caught the eye of some prominent industry participants.
One example is Arthur Hayes – BitMEX’s co-founder – who posted a photo of himself wearing a hat (referring to the token’s name and logo). Here recently said “the hat stays on while I count to $10.”
Another factor possibly contributing to WIF’s price increase is the support from leading cryptocurrency exchanges. Binance, BitMEX, Coinbase, and Kraken are some of those that enabled trading services with the asset.
Dogwifhat’s upswing has been more than welcomed by savvy traders who hopped on the bandwagon in its early days. As CryptoPotato reported, one particular investor bought more than 2.5 million tokens at the end of 2023, spending just $310. Currently, the stash is worth over $9 million.
On the other hand, traders should be aware that dealing with meme coins could also lead to crucial losses due to the infamous volatility of the asset class. Those about to enter the ecosystem should check our video below to avoid some common mistakes:
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