In the dynamic world of cryptocurrency, meme coins are making big waves and Dogwifhat is emerging as a serious contender.
Experiencing a massive rise, the Solana-based meme coin achieved the remarkable feat of becoming the third-largest meme coin by market capitalization, behind Dogecoin and Shiba Inu.
Dogwifehat’s Market Surge: A Breakdown
Dog We Fat It started the trading day at $3.21 and remained stable until a sudden surge around 9 a.m. ET, pushing its value to new heights.
The coin, which hit an all-time high of over $4, is currently trading at $3.73, up a whopping 20% in one day.
$WIF turned over $PEPEIt is currently the 3rd largest meme coin by market capitalization. pic.twitter.com/4vg1HnazkZ
— CoinGecko (@coingecko) March 29, 2024
Dogwifhat’s Influence in the Meme Coin Sphere
The recent surge marks Dogwifhat’s strongest daily performance since its inception, securing the 38th spot in the top 100 cryptocurrencies, ahead of long-standing meme coin Pepe.
Also Read: The Rise of Memecoins: PEPE, Floki, Bonk and Others Break Records with 3,000% Increase in Weekly Trading Volume
According to market data from CoinMarketCap, Dogwifhat has a market capitalization of $3.7 billion, ahead of Pepe, which ranked 43rd with a market capitalization of $3.32 billion.
The emergence of Solana as a meme coin hub
The Solana blockchain has emerged as the preferred platform for meme coin trading due to its low transaction costs and efficiency.
According to recent data from CoinGecko, the Solana meme coin sector has seen a significant surge, growing 13% compared to last week and more than 40% in the past month.
The Dark Side of Meme Coin Frenzy
However, amid the meme coin craze, pre-sale fraud has also surged on the Solana blockchain, raising concerns within the cryptocurrency community.
A recent incident highlighted by cryptocurrency detective ZachXBT sheds light on fraudulent pre-sale activities, with some projects secretly accumulating funds without delivering on token distribution promises.
Despite the allure of quick profits, caution is needed as investors navigate the murky waters of meme coin investing, looking out for potential scams and scams.