Solana’s meme coin sensation, Dogwifhat (WIF), has made headlines with a remarkable 48% increase in value within the last 24 hours, surpassing the $2.11 (approximately R39.84) mark early Wednesday. This surge elevates its market capitalization to over $2 billion (approximately R37.74 billion), merely three months following its launch, capturing the attention of South African investors and crypto enthusiasts.
Dogwifhat’s meteoric rise outshines its peers in the meme coin sector, according to CoinGecko, especially among tokens boasting a capitalization north of $1 billion. The sector overall saw an average uptick of 2.8%, but Dogwifhat’s performance has been particularly stellar, with smaller-cap entities like myro (MYRO) and mog coin (MOG) also enjoying gains up to 80%. Issued in November 2023, WIF’s appeal burgeoned swiftly within crypto communities, buoyed by the captivating imagery of a dog donning a hat, which has since become a viral sensation.
With nearly $1 billion (approximately R18.87 billion) in transactions over the past day, Dogwifhat marks a significant milestone in meme coin history as the first to breach the $1 price point. This achievement is notable, given that most meme coins possess a vast circulating supply, yet historically, none, including heavyweights like Dogecoin (DOGE) or Shiba Inu (SHIB), have crossed this significant threshold.
Its explosive growth was further fueled by a listing on Binance, one of the most reputable exchanges, which recorded $219 million (approximately R4.13 billion) in WIF trades on its debut day. This development, combined with the anticipation of additional exchange listings and a growing retail fanbase, particularly on platforms like X, suggests a bright future for Dogwifhat.
The interest in meme coins has been rekindled amid a broader rally led by Bitcoin since late February. Investors are increasingly viewing these tokens not just as speculative assets but as genuine endorsements of the underlying blockchain networks’ potential. This trend is echoed in South Africa, where the crypto market’s vibrancy is mirrored in the enthusiastic reception of innovative digital assets like Dogwifhat.
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