Dogwifhat (WIF), a cryptocurrency emerging from the world of internet memes, has made significant waves in the digital currency space by becoming the third-largest memecoin by market capitalization as of March 29.
This achievement saw it overtake the Pepe (PEPE) token in the rankings.
Achieving a new peak, the price of Dogwifhat soared to an all-time high of $4.64 on March 30, only to adjust slightly to $4.32 by 2:00 pm (UTC) the same day, based on data from CoinMarketCap.
The remarkable surge of over 87% in a week propelled Dogwifhat’s market cap to $4.3 billion, thus surpassing Pepe token’s valuation of $3.4 billion.
Such growth has positioned WIF as the 31st largest cryptocurrency overall.
The largest holder of WIF, despite the coin’s 431% increase over the past month, is opting to retain their investment.
Holding $139.5 million worth of WIF tokens, initially purchased at an average price of $0.32, this wallet now sits on an unrealized profit of $127.3 million, as per Coinstats.
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The momentum behind Dogwifhat’s rise was notably boosted on March 14, reaching a then peak of $3 following a crowdfunding initiative that gathered over $700,000 for advertising the token on the Las Vegas sphere, resulting in a 25% price increase post-announcement.
Arthur Hayes, the ex-CEO of BitMEX and now chief investment officer at Maelstrom, forecasted on March 14 through an X post that Dogwifhat could reach a $10 valuation, stating, “The hat stays on while I count to $10.”
Dogwifhat joins the ranks of dog-themed memecoins like Dogecoin, which soared to a $75.2 billion market cap in May 2021, currently valued at $30.2 billion.
To match Dogecoin’s market cap, Dogwifhat’s price would need to reach $30.8 per token, an eightfold increase not deemed improbable in the volatile memecoin market.
Reflecting on Dogecoin’s performance during the 2021 bull market, it witnessed an over 892% price increase from $0.07433 on April 12, 2021, to $0.7376 on May 6, illustrating the dynamic and unpredictable nature of memecoin valuations.
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