Memecoins are once again in the spotlight as some of the most popular dog-themed tokens performed remarkably during this bull cycle. Dogwifhat (WIF), Floki Inu (FLOKI) and Dogecoin (DOGE) posted impressive numbers this month.
WIF’s market cap skyrocketed to nearly $4 billion, surpassing PEPE and taking third place as the largest memecoin on the market by this metric.
Hats off, will WIF go to the moon?
Yesterday, the price of WIF rose 32% in half a day, reaching a new all-time high (ATH) of $4. At the same time, the market cap rose from $3.04 billion to $3.98 billion, according to CoinMarketCap data, representing a 30% increase in the same time frame.
This remarkable performance saw PEPE overturned by dogwifhat as the third largest memecoin by market capitalization, now ranking just below Dogecoin and Shiba Inu (SHIB) in this category.
Top 5 memecoins by market capitalization. Source: CoinMarketCap
If reported by EmberCN, this feat earned wifto100billy.sol, the largest WIF holder, $134 million in unrealized profits. This whale bought 37 million WIF for about $9.33 million at an average of $0.248. When it reached the ATH price of $4, the wallet saw a 1440% gain on the inversion.
Since then, WIF’s market cap has fallen to $3.65 billion, which still represents a 15.25% increase from 24 hours ago and is still above PEPE’s market cap of $3.82.
$WIF almost $4 please pic.twitter.com/SyXLRHUPnL
— risicare (@risicare_eth) March 29, 2024
Similarly, WIF saw an 8.5% correction against the ATH price. At the time of writing, the token is changing hands at $3.66, up 20% in 24 hours. Furthermore, WIF’s market activity skyrocketed by 70%, with daily trading volume reaching $808.4 million.
Dogwifhat shows ‘organic’ growth, but what’s going on with memecoins?
Dogwifhat is one of the newest players on the market and has delivered incredible performance since its launch in November 2023. The token has built a loyal community that seems focused on taking the project ‘to the moon’.
After putting on their hats, WIF investors raised more than $700,000 in just a few days as part of the Las Vegas Sphere project, demonstrating the size of the community. Additionally, Cryptonary CTO Asad Saddique revealed in an X-post that Dogwifhat recently reached 100,000 “organic” holders.
WIF has just surpassed 100,000 holders
no brute force or gamed bs
I know I’ve been manually tracking it daily since early December pic.twitter.com/K1W4GHG98d
— asad (@xbtcas) March 28, 2024
Nevertheless, the divisive pre-sales of memecoins have led to fears of fatigue due to overexposure to these tokens, with some investors claiming that memecoins are taking a negative turn. Nevertheless, interest has not disappeared.
Ethereum founder Vitalik Buterin recently published a blog post titled “What else can memecoins be?” In the post, Buterin discussed the current state of the memecoins landscape and expressed his “disappointment” that innovation is not bringing these projects to market.
This month, many controversies surrounding memecoins have surrounded the crypto community, including the terrible launch of racist and anti-Semitic tokens.
The memecoin market is undoubtedly broad, diverse and full of enough potential for projects to develop and grow a strong community. Yet it seems that the efforts of projects that want to be more than a meme are being overshadowed by the controversial players in the market.
WIF is trading at 3.68 in the 1-day chart. Source: WIFUSDT on Tradingview.com
Featured image from X.com, chart from TradingView.com
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