Dogwifhat Surges to Third Place in Market Capitalization Among Meme Coins
The Dogwifhat token has achieved a remarkable feat by securing the third spot in terms of market capitalization among all meme coins, surpassing Pepe. CoinGecko data reveals that Dogwifhat (WIF) currently holds a market cap of $3.6 billion, placing it only behind meme giants Dogecoin (DOGE) and Shiba Inu (SHIB), which have market caps of $31.1 billion and $18 billion respectively. This impressive growth has also made Dogwifhat one of the primary leaders in terms of price surge, with its value increasing by over 16% in the past 24 hours and reaching an all-time high (ATH) of $4.01 on March 29.
CoinGecko’s data further highlights the significant growth of the meme coin category as a whole, outperforming larger niches such as decentralized finance, yield farms, and exchange tokens, with an average growth rate of 8%. This surge in meme tokens began on March 28, fueled by rumors of Dogecoin’s potential use in an upcoming payment service by social app X, although no official confirmation has been provided by the company.
The co-founder of Ethereum, Vitalik Buterin, has also taken notice of the meme coin market and has been exploring various possibilities for utilizing this asset class, including funding public projects. He has even suggested the use of meme coins for charitable purposes and expanding their presence in the gaming industry. Buterin has drawn a parallel between the current popularity of meme coins and the 2021 bull market, during which Dogecoin and Shiba Inu coins reached their peak in terms of popularity.
In light of these developments, it is evident that meme coins, led by Dogwifhat, are making a significant impact in the cryptocurrency market. With their rising market capitalization and the attention they are receiving from influential figures like Vitalik Buterin, meme coins are poised to continue their growth and potentially reshape the future of digital assets.
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