Solana ecosystem’s popular memecoin project, Dogwifhat, experienced a price surge of 1450% on Bybit shortly after being listed. The token trading began this morning and just over 10 minutes later, the price of the token jumped from $2.70 to $41.85.
Dogwifhat’s Surge Draws Attention
The extraordinarily high price lasted only a few minutes before returning to the broader market price. The sudden rise appeared to be limited to Bybit. According to CoinGecko, there was no impact on prices at Binance, which facilitates a third of the token’s trading volume on centralized exchanges. Now, Bybit has fallen in line with the rest of the market, trading at $2.64, down 3.5% at the time of release.
Dogwifhat, is a memecoin project featuring an image of a dog wearing a hat. It gained popularity during the recent memecoin frenzy, which saw significant gains in tokens like Pepe, Bonk, and Book of Meme. Dogwifhat received strong support particularly from popular investors like Hsaka, who has over half a million followers, and key figures like Ansem.
Supporters of Dogwifhat also raised $700,000 to display the token’s logo on the Las Vegas globe for a week. It is unclear when this will happen or if it will continue.
Solana Ecosystem and the Memecoin Space
The hype in the memecoin space has led to notable activities in many blockchain ecosystems, including Solana. This period saw intense interest in memecoin projects raising funds before token launches, but this momentum gave way to a deep silence as it often ended in rug-pull scams.
In the Solana ecosystem, bot trading by investors in memecoin projects caused significant problems in recent weeks, leading to network congestion and a loss in value for many tokens, including SOL. However, an update released last week allowed the Solana ecosystem to resume transactions healthily, aiding the momentum of memecoin projects within the ecosystem.
