Dogwifhat: Third-Biggest Memecoin as Whales Hold Tight

Dogwifhat (WIF), a memecoin based on the Solana blockchain, has become the third-largest memetoken by market capitalization. On March 29, it surpassed the Pepe (PEPE) token in terms of market value. The price of Dogwifhat reached an all-time high of $4.64 on March 30 but has since retraced to $4.32 as of 2:00 pm (UTC).

After experiencing a staggering 87% rally in just one week, Dogwifhat now boasts a market cap of $4.3 billion, surpassing Pepe’s $3.4 billion. This makes WIF the 31st largest coin among all cryptocurrencies. Despite the impressive price surge of over 431% in the past month, the largest holder of Dogwifhat is still holding onto their tokens.

This wallet currently holds $139.5 million worth of WIF tokens, which were purchased at an average price of $0.32. The unrealized profit from this investment currently stands at $127.3 million, according to Coinstats.

Dogwifhat’s price previously peaked at $3 on March 14. This surge was fueled by fans raising over $700,000 to advertise the token’s logo on the Las Vegas sphere. Coinciding with the crowdfunding effort, WIF’s price rose by 25%.

There have been predictions that Dogwifhat’s price could rally to $10. Former BitMEX CEO, Arthur Hayes, and current Maelstrom chief investment officer, made this prediction in a post on March 14. He stated, “The hat stays on while I count to $10.”

It is worth noting that Dogwifhat is not the only dog-themed memecoin to achieve multibillion-dollar valuations despite being based on an internet meme. Dogecoin (DOGE) reached a record market capitalization of $75.2 billion in May 2021 and is currently valued at $30.2 billion. If Dogwifhat wants to match DOGE’s market cap, its price per token would need to reach $30.8, which is an eightfold increase.

During the bull market of 2021, Dogecoin’s price surged by over 892% in just one month, leading up to its all-time high of $0.7376 on May 6. Such dramatic increases in value are not uncommon in the world of memecoins.