Dogwifhat becomes third-largest memecoin, hitting new highs as top holder retains $139.5M in tokens amidst market speculation.
Dogwifhat (WIF), a memecoin based on the Solana blockchain, has recently claimed its spot as the third-largest memetoken by market capitalization. This remarkable ascent, overtaking the Pepe (PEPE) token, brings WIF to an unprecedented peak in its valuation and market presence.
The Surge of Dogwifhat
Dogwifhat’s journey to prominence saw its value skyrocket to a record $4.64 on March 30, later stabilizing around $4.32. This price point not only signifies a monumental 87% surge in the past week but also cements WIF’s market cap at an impressive $4.3 billion. Such growth has not only surpassed the Pepe token’s $3.4 billion market cap but also ranked WIF as the 31st largest cryptocurrency overall.
Contrary to what one might expect with such significant gains, the leading Dogwifhat investor—a whale in the crypto vernacular—holds steadfast, choosing not to sell. This largest WIF wallet’s contents, worth $139.5 million and purchased at an average of $0.32 per token, now represent an unrealized profit exceeding $127 million. This strategy of holding on, even amidst rapid value appreciation, underscores the confidence and speculation surrounding the coin’s future trajectory.
Prospect for Growth
Dogwifhat’s rise in value is not without its milestones. The coin previously reached a then-all-time high of $3 on March 14, buoyed by a successful crowdfunding campaign that garnered over $700,000 for advertising on the Las Vegas sphere—an effort that propelled its price by 25%. Such initiatives not only demonstrate the coin’s community support but also its potential for further growth and mainstream acceptance.
Speculation abounds regarding Dogwifhat’s potential to hit the $10 mark, a sentiment echoed by Arthur Hayes, the former BitMEX CEO and current CIO at Maelstrom. With a current valuation significantly below that of Dogecoin’s peak $75.2 billion market cap in May 2021, WIF’s journey to $10—a more than double increase from its current price—remains a keenly watched possibility. Comparatively, Dogecoin’s dramatic rally in 2021 saw its price increase over 892% leading up to its all-time high, indicating that substantial growth within the memecoin sector is not only possible but, for some, expected.
