🔥🔥🔥 Solana Meme Coin #dogwifhat Surges 48%, Outperforming $BONK , $DOGE
Dogwifhat has achieved a significant milestone by becoming the first major meme coin to surpass the $2 price threshold.
The surge in price is widely attributed to its listing on the renowned exchange Binance, which has propelled its value upwards.
Solana's meme coin, Dogwifhat (WIF), has experienced an impressive 48% surge in the past 24 hours, reaching a price of over $2.11 early Wednesday. This milestone comes just over three months after its initial issuance and has propelled its market capitalization to over $2 billion.
Among meme coins with capitalizations exceeding $1 billion tracked on CoinGecko, WIF has seen the most substantial gains, with the category as a whole rising by an average of 2.8%. Other lower-cap meme coins, such as myro (MYRO) and mog coin (MOG), have surged by as much as 80%.
#WIF gained viral popularity in crypto communities shortly after its launch in November 2023. Its memetic value is largely derived from its association with an image of a dog wearing a hat, commonly referred to as the "wif hat" meme, which has gained traction and popularity within crypto circles.
With nearly $1 billion in trading volume over the past 24 hours, WIF stands out as the first major meme token to achieve a price exceeding $1. This is a significant milestone, as meme tokens typically have large circulating supplies, and none have previously surpassed the $1 mark, including well-known tokens like dogecoin (DOGE) and #shibaInu (SHIB).
Binance listing significantly boosted the token's price, with $219 million in trades on the first day. Anticipation of more exchange listings and rising retail investor interest also fueled the surge.
Meme coins have garnered increased attention since late February, amid a broader rally led by #Bitcoin . Investors perceive these tokens as a bet on the growth potential of their respective networks, further fueling their popularity and demand.
Source - coindesk.com
