Dogwifhat Up 23% As This Solana Darling Ranks 5th By Memecoin Mcap: 'The Doge Of This Cycle,' Says Crypto Expert
Portfolio Pulse from Khyathi Dalal
Dogwifhat (WIF), a Solana-based memecoin, has seen a 23.2% increase in the past 24 hours, ranking it 5th by market capitalization among memecoins. This surge is attributed to Bitcoin's rise above $52,000. WIF's market cap has reached $461.6 million, surpassing other popular memecoins like Floki and Memecoin. Solana memecoins now represent $1.4 billion of the total $22.8 billion memecoin market cap. Despite lacking real-world utility, these coins attract traders for speculative gains. Joe Ayoub, a crypto expert, referred to WIF as the 'Doge of this cycle.'
February 14, 2024 | 7:40 pm
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POSITIVE IMPACT
Solana's ecosystem, including memecoins like WIF, now represents $1.4 billion of the total memecoin market cap, highlighting the growing interest in Solana-based assets.
The rise in Solana-based memecoins, particularly WIF, contributes to the increasing market cap of Solana's ecosystem within the memecoin sector. This growth indicates a rising interest and potential speculative gains in Solana-based assets.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 80
POSITIVE IMPACT
Dogwifhat (WIF) has experienced a significant 23.2% increase in value, placing it among the top five memecoins by market capitalization.
The surge in WIF's value is directly tied to the overall increase in Bitcoin's price, which has positively impacted the memecoin market. Being ranked among the top memecoins significantly boosts its visibility and attractiveness to traders looking for speculative investments.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100