March 29, 2024 9:11 AM | 2 minute read |
Increased Meme Coin Activity Is Accelerating Coin Rise dogwifat (CRYPTO: WIF), successfully reversed pepe coin (CRYPTO: Pepe) becomes the third largest meme coin by market capitalization.
what happened: Dogwifhat now has a market capitalization of $3.65 billion, surpassing Pepe Coin with a 16% rise in the past 24 hours.
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In the past 24 hours, Dogwifhat’s market cap increased from $3.15 billion to $3.65 billion, while Pepe Coin’s market cap decreased from $3.29 billion to $3.28 billion.
according to Benzinga Pro According to the data, Dogwifhat is also the best-performing cryptocurrency within the top 100 in terms of 24-hour and 7-day performance. It is up more than 16% in the past 24 hours and more than 61% in the past 7 days.
Related article: How Elon Musk reacted after Sam Bankman Fried dabbled in ‘Blockchain Twitter’
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The company’s market capitalization increased from $2.26 billion to $3.65 billion in the past seven days.
However, from the third largest meme coin by market capitalization to the second place occupied by “Dogecoin-Killer”. Shiba Inu (CRYPTO: SHIB) will be a challenge for Dogwifhat. Shiba Inu’s current market capitalization is $18.09 billion, nearly five times that of Dogwifat.
However, Dogwifhat is relatively new, having been launched in the Solana chain in November. On the other hand, Pepe Coin was released in April 2023 and Shiba Inu in August 2020.
Why it’s important: Dogwifhat’s rapid rise is in line with the meme coin’s overall activity.That rise also helped. Solana coin (CRYPTO: SOL) can be profitable because investors and traders who want to buy Dogwifhat need to first buy SOL and then exchange it for meme coins.
The Dogwifat rally also led to a surge in short-term liquidations, reaching $1.62 million in the past 24 hours. according to Go to the coin glass.
It remains to be seen whether Memecoin will maintain its momentum and become a challenger to Shiba Inu.
Read next: Is the 10,000-year clock that Jeff Bezos builds worth $42 million? Here’s what you need to know
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