Crypto News– Memecoins, led by Solana-based dogwifhat (WIF), surged for the second day in a row to lead as a category as the broader market remained relatively stable ahead of the long weekend in the U.S., Europe, and parts of Asia.
As Bitcoin Holds at 70K Dollars, Dogwifhat Rises to Third Place Among Meme Coins
During the Asian morning hours on Friday, Bitcoin (BTC) traded around $70,000, showing little change over the past 24 hours. Ether (ETH), Solana’s SOL, and Cardano’s ADA slid by 1%, while Bitcoin Cash (BCH) added 4% to continue its rally from Thursday.
The CoinDesk 20, an index of the largest tokens excluding stablecoins, experienced a 0.56% decline. In contrast, data from CoinGecko showed an 8% surge in the meme coin category on average, outpacing more traditional sectors such as decentralized finance, yield farming, and exchange tokens.
The surge in meme tokens began early on Thursday amid speculation surrounding the potential integration of DOGE into an upcoming payment service by the social application X, although there has been no official communication from the company.
Bets on DOGE-tracked futures soared to a record $2 billion, indicating expectations of future price volatility with a bias toward long positions.
Tokens themed around dogs, such as floki (FLOKI) and WIF, saw significant gains, seen as a speculative alternative to dogecoin. WIF surpassed pepecoin (PEPE) to become the third-largest meme token by market capitalization, crossing the $4 mark on Thursday.
However, some trading firms cautioned against a potential pullback in recent gains, noting signs of exhaustion in the price action of both bitcoin and ether.
Dogwifhat (WIF) Surpasses PEPE to Claim Third Spot Among Meme Coins
The meme coin Dogwifhat (WIF) has been on an incredible price rally this year, with the majority of gains achieved in just the last month. Earlier today, the price of Dogwifhat (WIF) surged to $4. As of the latest update, the WIF price is up by 20%, trading at $3.73, with a market capitalization of $3.742 billion. Additionally, daily trading volumes have skyrocketed by an astonishing 53%, nearing 41 billion.
Dogwifhat (WIF) Claims Third Spot Among Meme Coins
With today’s surge in the price of Dogwifhat (WIF), the market capitalization of WIF has soared to an impressive $4 billion, propelling it to the position of the third-largest MEME token. This accomplishment places WIF ahead of PEPE and solidifies its standing behind leading MEME tokens like DOGE and SHIB.
Of notable interest is the largest holding address for WIF, identified as 2Fcm…PE6d, which has seen remarkable profits totaling $134 million, indicating an impressive increase of 1440%. The holder initiated purchases of WIF back in December 2023, acquiring the token at an average price of $0.248. Despite these substantial gains, indications suggest that selling activities have yet to commence, signaling continued bullish sentiment surrounding WIF.
Analysts anticipate that the price of Dogwifhat (WIF) could surpass $10 billion in the coming years, potentially earning it the status of a blue-chip meme coin.
WIF: Exploring Liquidations, Governance, and Tokenomics
According to data from Coinglass, the recent rally in WIF price to $4 resulted in $2.09 million in liquidations, with $705.39K from long liquidations and $1.39M from short liquidations. Despite WIF price retracing partially from its all-time high, the open interest remains up by 29% at $528.6 million.
One of the core principles of Dogwifhat revolves around its tokenomics, emphasizing decentralization and community-driven governance. With a capped supply of around 998.9 million tokens, known as WIF, the meme coin embodies a decentralized ecosystem where participants have influence over network governance. This philosophy signifies a departure from centralized decision-making, empowering the community to shape the network’s trajectory.
While lacking practical utility, the token’s value remains resilient due to speculative interest. The project’s founders have explicitly stated their intention to avoid token burning or implementing staking rewards, reinforcing Dogwifhat’s identity as a pure meme coin primarily fueled by community engagement.
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