Dogwifhat (WIF), a memecoin built on the Solana blockchain, has surged in prominence, claiming the title of the third-largest memecoin by market capitalization as of March 29, surpassing its counterpart Pepe (PEPE).
The price of Dogwifhat soared to an all-time high of $4.64 on March 30 before experiencing a slight pullback to its current valuation of $4.32 as of 2:00 pm UTC, based on data from CoinMarketCap.
Whale Holding Firm Amidst Meteoric Rise of Dogwifhat
Following an impressive weekly rally of over 87%, Dogwifhat now boasts a market capitalization of $4.3 billion, eclipsing Pepe’s $3.4 billion market cap and positioning itself as the 31st-largest cryptocurrency.
Despite a remarkable surge of over 431% in the past month alone, the largest holder of Dogwifhat tokens shows no signs of selling. Holding a staggering $139.5 million worth of WIF tokens acquired at an average price of $0.32, the holder is sitting on an unrealized profit of $127.3 million, according to Coinstats data.
Even before Dogwifhat’s recent surge, Arthur Hayes, former CEO of BitMEX and current chief investment officer at Maelstrom, had prophesied a rally to the $10 mark. Hayes expressed this sentiment in a March 14 post, suggesting significant potential for further upside.
Comparisons are drawn to Dogecoin, another dog-themed memecoin that achieved a multibillion-dollar valuation despite its origins as an internet meme. Dogecoin’s meteoric rise serves as a testament to the unpredictable nature of memecoins, with its market cap peaking at $75.2 billion in May 2021.
To match Dogecoin’s market capitalization, Dogwifhat’s price would need to surge to $30.8 per token, representing a substantial eightfold increase. Such rapid and exponential growth, though speculative, is not unprecedented in the memecoin ecosystem, as evidenced by Dogecoin’s staggering 892% surge during the 2021 bull market.
In essence, Dogwifhat’s ascent underscores the whimsical yet potentially lucrative nature of memecoins, with enthusiasts closely eyeing its trajectory toward the coveted $10 milestone.
