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The cryptocurrency market’s memecoin frenzy is still going strong. During this period, many projects have gained significant momentum, continuing to please their investors. Most recently, according to predictions by former BitMEX CEO and current Chief Investment Officer of Maelstrom, Arthur Hayes, a popular memecoin project based on Solana named Dogwifhat (WIF) has the potential to rise to the $10 level.
Striking Prediction for Dogwifwhat
Dogwifhat’s price reached an all-time high of $3 on March 14th. However, Hayes believes, according to a March 14th post, that it wouldn’t be a problem for its value to triple, and such a possibility exists:
“I’ll be counting to $10 while the hat stays on.”
The memecoin project reached an all-time high after fans raised over $700,000 to advertise the token logo on the Las Vegas sphere. Immediately following the announcement of the crowdfunding effort, WIF’s price surged by 25%. Dogwifhat, according to CoinMarketCap data, saw an increase of over 39% in the last 24 hours, trading at $3.13 as the 45th largest token by market value. The memecoin managed to show a 79% increase on the weekly chart.
Memecoin and the Crypto Market
CoinMarketCap data indicates that the total market value of memecoin projects increased by over 7% in the last 24 hours to $63.2 billion, while the trading volume surged by 69.3% to $15.3 billion. Other popular memecoin projects also witnessed double-digit weekly gains. Floki rose over 111% last week, Pepe increased by 46%, and Dogecoin gained over 17% in value, becoming the largest memecoin project by market value.
The appetite of investors for memecoin projects was further stimulated by a note from the American multinational investment firm Franklin Templeton, published on March 14th, which stated that despite memecoin projects lacking inherent value or utility, they could potentially provide rapid gains.
The firm noted that memecoin projects have lower fees compared to larger cryptocurrencies and offer the potential for quick profits, but they trade with high price volatility.
