Dogwifhat (WIF), the viral Solana-based memecoin, is barking up a storm. With its price reaching a new all-time high of $3.13, some analysts, including Arthur Hayes, former CEO of BitMEX, believe it could potentially triple in value, reaching a staggering $10.
This bullish prediction comes amidst a surge in popularity for memecoins. The total market capitalization of memecoins jumped over 7% in the past 24 hours, fueled by a 69.3% increase in trading volume. Other memecoin superstars like Floki Inu and Dogecoin are also experiencing double-digit weekly gains.
Crowdfunding Fuels Dogwifhat’s Rise
Dogwifhat’s price rally seems to be fueled by a combination of factors. Notably, its dedicated fan base successfully crowdfunded over $700,000 to advertise the token’s logo on the iconic Las Vegas Sphere. This community effort resulted in a 25% price increase for WIF immediately after the announcement.
Adding further intrigue to the memecoin craze, investment giant Franklin Templeton published a note acknowledging the potential of memecoins for generating quick profits. The firm highlights the lower fees associated with memecoins compared to established cryptocurrencies, but also cautions investors about their high volatility.
Also Read: Memecoins on Fire: Dogwifhat (WIF) Up 50%, Bonk Prepares for Breakout!
Is Dogwifhat Here to Stay?
While Hayes’ prediction of a $10 Dogwifhat remains to be seen, the current market trends suggest a surge in investor interest for memecoins. However, it’s crucial to remember that memecoins often lack inherent value or utility, making them susceptible to price fluctuations.
As with any investment, careful research and a healthy dose of caution are essential before diving into the world of memecoins.
Dogwifhat Market OutLook
At the time of writing (March 15, 2024), the global cryptocurrency market is experiencing a downturn, with a market cap of $2.79 billion and a negative change of 13.77% in the last 24 hours. Dogwifhat (WIF) is reflecting this trend, currently priced at $2.78 with a trading volume of $939.43 million over the past day. WIF has also dipped by 14.31% in the last 24 hours. It boasts a circulating supply of 998.93 million coins, with a maximum supply capped at the same amount. Despite the recent price drop, WIF still holds the 48th position by market cap. Today’s trading has seen WIF fluctuate between a high of $3.47 and a low of $2.79.
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