Dogwifhat is fast becoming the third largest meme coin

? Dogwifhat is fast becoming the third largest meme coin, overtaking Pepe tokens in terms of market capitalization.

Dogwifhat (WIF), a cryptocurrency born out of the world of internet memes, has caused quite a stir in the digital currency sector, becoming the third largest meme coin by market capitalization as of March 29. Wif

– Dogwifhat (WIF), a cryptocurrency born out of the world of internet memes, has caused quite a stir in the digital currency sector, becoming the third largest meme coin by market capitalization as of March 29.

With this achievement, it overtook the Pepe token (PEPE) in the rankings.

According to CoinMarketCap, Dogwifhat’s price reached a new peak, soaring to an all-time high of $4.64 on March 30 and only slightly correcting to $4.32 by 14:00 (UTC) the same day.

The significant growth of more than 87% in one week brought Dogwifhat’s market value to $4.3 billion, surpassing the Pepe token’s valuation of $3.4 billion.

This growth has made WIF the 31st largest cryptocurrency among all cryptocurrencies.

The largest holders of WIF chose to keep their investments intact despite the coin’s 431% growth over the past month.

According to Coinstats, the wallet that holds $139.5 million worth of WIF tokens purchased at an average price of $0.32 now has an unrealized profit of $127.3 million.

The crowdfunding, which raised more than $700,000 to promote the tokens in Las Vegas, rose markedly on March 14, peaking at $3, leading to a 25% price increase after the announcement.

Arthur Hayes, former BitMEX executive and current chief investment officer at Maelstrom, predicted in a March 14 post x that Dogwifhat’s valuation could reach $10, stating that “you can count to $10 and still keep your hat on your head.”

Dogwifhat will reach a market value of $75.2 billion in May 2021, joining dog-themed mimcoins such as Dogecoin, which is currently valued at $30.2 billion.

To equal Dogecoin in market value, Dogwifhat’s price would need to reach US$30.8 per token. This is an eight-fold increase, which cannot be considered unbelievable in the volatile meme coin market.

An analysis of Dogecoin’s performance in the 2021 bull market shows that its price increased by more than 892% from $0.07433 on April 12, 2021 to $0.7376 on May 6, 2021, demonstrating the dynamic and unpredictable nature of meme valuation.

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