Dogwifhat Flips Pepecoin To Close In On Dogecoin-Killer Shiba Inu, Becomes 3rd Largest Memecoin
Portfolio Pulse from Rounak Jain
Dogwifhat (CRYPTO: WIF) has become the third-largest meme coin by market capitalization, surpassing Pepe Coin (CRYPTO: PEPE) with a market cap of $3.65 billion. It has seen a 16% rally in the last 24 hours and a 61% increase over the last seven days. Dogwifhat's rise has also positively impacted Solana (CRYPTO: SOL), as investors need to purchase SOL to trade for WIF. Despite its rapid growth, Dogwifhat still trails behind Shiba Inu (CRYPTO: SHIB), the second-largest meme coin, by a significant margin.
March 29, 2024 | 1:11 pm
News sentiment analysis
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NEGATIVE IMPACT
Pepe Coin has been surpassed by Dogwifhat in market capitalization, indicating a potential decrease in investor interest or market momentum for Pepe Coin.
Being surpassed by Dogwifhat in terms of market capitalization could indicate a shift in investor preference away from Pepe Coin, potentially leading to short-term price declines.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Despite Dogwifhat's rapid growth, it remains significantly smaller than Shiba Inu in terms of market capitalization, indicating SHIB's strong position in the meme coin market.
Shiba Inu's substantial lead in market capitalization over Dogwifhat suggests that SHIB maintains a strong position in the market, with Dogwifhat's growth unlikely to pose an immediate challenge.
CONFIDENCE 75
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
Solana benefits from Dogwifhat's rally as investors need to purchase SOL to trade for WIF, potentially increasing demand and price for SOL in the short term.
The requirement for investors to buy SOL to trade for Dogwifhat has likely led to increased demand for Solana, which could positively impact its price in the short term.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Dogwifhat has seen a significant rally, becoming the third-largest meme coin with a market cap of $3.65 billion, indicating strong investor interest and market momentum.
The rapid increase in Dogwifhat's market capitalization and its performance over the last week suggest a strong bullish sentiment among investors, likely leading to further short-term gains.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100