The Solana-based meme coin, Dogwifhat (WIF), continues its remarkable upward trajectory, entering the top 30 cryptocurrencies by market cap.
This achievement follows a week of extraordinary growth, propelling WIF to secure its position as one of the top three meme coins, trailing behind Dogecoin and Shiba Inu.
Dogwifhat Enters Top 30 Cryptos
In the past 24 hours, WIF saw a notable surge, jumping over 7% to reach $4.68, pushing its market cap to $4.48 billion. This milestone propelled the meme coin to the 29th position among cryptocurrencies by market capitalization, surpassing Ethereum’s Layer 2 network Arbitrum’s $4.39 billion and closely trailing Cosmos at $4.8 billion.
This marks another significant milestone in the meme coin’s journey since the start of the year. Indeed, Dogwifhat is a relatively recent addition to the meme coin scene launched on the Solana ecosystem last year.
Despite its new status, it has carved out a place in the fiercely competitive crypto industry, ranking among the top 20 cryptos by trading volume.
Read more: 13 Best Solana Meme Coins to Watch in 2024
Dogwifhat (WIF) Price Performance. Source: TradingView
Impressively, over 100,000 wallets currently hold WIF, with the largest holder showing no inclination to sell despite its rapid surge in value. Indeed, a wallet holds a substantial $139.5 million in WIF tokens, acquired at an average rate of $0.32, currently reflecting an unrealized profit of $127.3 million.
Market analysts predict continued growth for the Dogwifhat. Asad, Cryptonary’s Chief Meme Officer, foresees WIF’s value reaching $100, citing multiple bullish market indicators.
He highlights the crypto market’s readiness for substantial capital inflows, surpassing previous cycles, which could propel Bitcoin to all-time highs and quadruple Solana’s value.
“WIF is paving a road toward $100 [because] BTC has barely broken its all-time high, and SOL has about four-times from here. Additionally, the meme coins snowball effect is not slowing [and] more capital entering crypto than any previous cycles,” Asad explained.
Read more: 7 Hot Meme Coins and Altcoins that are Trending in 2024
Moreover, amidst ongoing macroeconomic uncertainties and upcoming US presidential elections, the crypto market shows promise for substantial gains. Asad emphasizes that even if major cryptocurrencies triple from their current levels, WIF is positioned for an impressive 10x surge.
