Share this article

Solana Meme Coin Dogwifhat Surges 48% to Record, Beats BONK, DOGE to $2

Some meme coins are surging in anticipation of more exchange listings in the coming months.

Updated Mar 8, 2024, 10:44 p.m. Published Mar 6, 2024, 9:00 a.m.
(Dogwifhat)
(Dogwifhat)
  • Dogwifhat became the first major meme coin to cross the $2 price mark.
  • A listing on the prominent exchange Binance likely drove the price surge.

Solana’s runaway meme coin Dogwifhat (WIF) surged 48% in the past 24 hours to trade over $2.11 early Wednesday, reaching over $2 billion in capitalization just over three months after issuance.

Such gains were most in the meme coin category tracked on CoinGecko for tokens with over $1 billion capitalization. The category rose 2.8% on average, with lower caps like and rising as much as 80%.

STORY CONTINUES BELOW
Не пропустите другую историю.Подпишитесь на рассылку Crypto Daybook Americas сегодня. Просмотреть все рассылки

WIF was issued in November 2023 and quickly went viral in crypto circles. Much of the token’s memetic value is derived from its connection to an image of a dog wearing a hat – and the “wif hat” usage that has caught on and grown among crypto circles.

Реклама

WIF traded nearly $1 billion in the past 24 hours, CoinGecko data shows. It is the first major meme token with a price of over $1. Meme tokens usually tend to have a significantly large circulating supply – and prices of any major meme, such as dogecoin or shiba inu {{SHIB}], have never crossed the psychologically large $1 mark.

A listing on the prominent exchange Binance likely drove such price action, with the exchange recording $219 million in WIF trades within its first day.

Anticipation of future exchange listings and popularity among retail audiences contributed to gains, as per some X posts.

Meme coins have been in focus since late February amid a bitcoin-led rally. Investors have been treating these tokens as a bet on the growth of their underlying networks, as previously reported.

UPDATE (March 6, 12:03 UTC): Rewrites headline to add record high.

Higit pang Para sa Iyo

This article is created to test tags being added to image overlays

Consensus 2025: Zak Folkman, Eric Trump

Dek: This article is created to test tags being added to image overlays

Ano ang dapat malaman:

  • Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.