- Dogwifhat is tipped as the next Dogecoin.
- The Solana memecoin is seeing intense embrace from retail and institutional investors.
Meme coin enthusiasts looking to turn cash into profit have been pointed to a new candidate. Touted as Dogecoin’s (DOGE) successor, the Dogwifhat (WIF) is finding its way onto the Solana blockchain.
Why Dogwifhat is Becoming Popular
Fondly known as “Wif” among crypto enthusiasts, the Dogwifhat is a friendly meme coin of a Shiba Inu dog wearing a knitted hat. According to the latest Marketcap data, Dofwifhat ranks as the 41st largest cryptocurrency with a market capitalization that stands at $2.5 billion. Holders of the meme coin are already in profit with this outstanding market capitalization.
The history of Dogwifhat has been favorable with enthusiasts projecting that the meme coin is still far from completion. Since its launch in late 2023, the project has received support from high-profile investors and crypto influencers. As Crypto News Flash earlier indicated, WIF recorded an all-time high of $4.85 on March 31, 2024.
As of this day, the project’s creator remains unknown and believed to be completely divested of interests. This means the creator cannot influence the price of the meme coin by dumping their tokens. On the flip side, the project is likely not going to see any useful utility with no defined developer.
Another reason contributing to Dogwifhat’s success is the online community’s active participation in the project. In particular, the meme coin is gaining popularity on social media platform X and the messaging application Telegram. As a result, the project now accounts for about 135,000 holders.
Moreover, investors from traditional financial institutions such as hedge funds and venture capital groups are also not left behind. Their interest in Dogwifhat is anticipated to attract more investors, resulting in higher prices for the meme coin. This set of investors believes the coin will continue to go viral, betting on the community’s continued engagement and effectiveness in spreading the meme to new audiences.
Meme coin: Dogwifhat Bet Paying Off
Surprisingly, the bets have paid off. Wif has rallied and recovered from numerous downturns. It has also birthed a host of copycats and derivative meme coin initiatives attempting to capitalize on its branding. Specifically, some of these initiatives are seeking to align with Dogwifhat, hoping that investors will be inclined to provide their non-committal capital.
The highlight of Dogwifhat’s success is the ongoing narrative that its path to outperforming the incumbent champions such as Dogecoin (DOGE) and Shiba Inu (SHIB) is predetermined, inevitable, or otherwise guaranteed.
Whether or not this narrative is accurate or realistic is irrelevant; what matters is that a group of individuals consistently claim to believe it. This narrative could become a self-fulfilling prophecy if they succeed in recruiting others to develop the same conviction.
WIF’s Current Market Trends
Currently, WIF is trading at $2.49, demonstrating a decline of 8.5% in the past day.
The market capitalization is also down by 8.6% to $2.4 billion. However, the trading volume increased by 34% to $331 million. This means that investors are still interested in amassing the meme coin despite the ongoing volatility.
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Source: https://www.crypto-news-flash.com/seeking-the-next-dogecoin-meme-coin-enthusiasts-point-to-this-candidate/?utm_source=rss&utm_medium=rss&utm_campaign=seeking-the-next-dogecoin-meme-coin-enthusiasts-point-to-this-candidate