Dogwifhat (WIF) Rockets Past PEPE To Become Third Largest Memecoin

LUCKNOW (CoinChapter.com) — Dogwifhat (WIF) memecoin has seen an unstoppable price rally this year, attaining most gains over just the last month. Earlier today, the token reached a new all-time high of $4 before retracing slightly to its current trading price of $3.73. It left Pepe behind in terms of market capitalization and entered the top 3 memecoin list.

However, it is still reflecting a jaw-dropping 20% daily gain. WIF’s market capitalization now stands at $3.742 billion, with daily trading volumes skyrocketing by 53% to nearly $41 billion.

Investor Rakes in $134M in Profits

Behind this feverish rally lies a surge in speculative trading interest, as evidenced by the open interest for WIF surpassing $500 million. Traders seem to be betting big on further upside for the meme coin phenomenon.

One particularly fortunate investor, holding the address ‘2Fcm…PE6d,’ has amassed a staggering $134 million in unrealized profits from their WIF holdings – a mind-blowing 1440% increase. This whale had the foresight to accumulate WIF back in December 2023 at an average price of just $0.248 per token.

The triumphant ascent of Dogwifhat has not been without its casualties, however. Data from Coinglass reveals that the WIF price spike to $4 triggered over $2 million in trading liquidations, with $1.39 million stemming from short positions alone.

While Dogwifhat lacks any real-world utility, its allure lies in its community-driven governance model and capped supply of 998.9 million WIF tokens. The founders have vowed not to burn tokens or implement staking rewards, solidifying WIF’s status as a pure meme play fueled by hype and speculation.

As the meme coin frenzy shows no signs of abating, analysts are projecting that Dogwifhat’s market cap could eventually swell to over $10 billion, cementing its status as a “blue-chip” among the meme coin aristocracy.

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Dogwifhat (WIF) Becomes Third-Largest Meme Coin

WIF exceeded $4 with a more than 230% increase in the last 24 hours. At the time of writing, traders continue trading WIF at $3.62, reflecting a 18% increase.  

This increase propelled WIF to top in the most profitable altcoin list, followed by Dogecoin (DOGE) and Shiba Inu (SHIB).

The recent surge in Dogwifhat (WIF) price follows the prediction of Arthur Hayes. In a recent tweet, Hayes, the former CEO of the renowned BitMEX exchange, expressed optimism Dogwifhat’s future market performance. Hayes predicted that the meme coin’s price could soar past the $10 mark in the coming years.

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