Crypto News – Meme coins have been booming, with Dogwifhat at the top of the pack, while the overall cryptocurrency market has been somewhat stagnant. Earlier today, the most well-known Solana memecoin hit a brand-new record high.
Dogwifhat ATH: Dog-Themed Meme Coin Hits $4.01 Today
Launched in November of last year on the Solana ecosystem, Dogwifhat is a relatively new meme coin. The coin began trading today at $3.21, but it quickly began to rise, hitting an ATH of $4.01. As of this writing, it is trading at $3.60.
Since its start, Dogwifhat has performed better every day than it has now. According to Coingecko, it recently overtook the somewhat well-known meme coin Pepe, moving up to the 38th spot in the Top 100 while Pepe ended up in 43rd place with corresponding market caps of $3.27 billion.
Meme Coins Tend to be Driven by Market Sentiment
The coin is oversold, according to Dogwifhat‘s Relative Strength Index (RSI), which is currently at 69 points. This implies that a significant group of investors may be holding onto their investments in anticipation of the ideal moment to cash in, which could lead to a market correction.
Noting that meme currencies are notorious for having no fundamentals and being incredibly volatile is also crucial. For example, “literally just a dog wif a hat” is the essence of the WIF concept. This means they are vulnerable to sudden, erratic changes caused by chance events such as irrelevant news, tweets, and fluctuations in the price of other coins.
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