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Solana-based Dogwifhat has reached a significant point with today’s surge. Dog-themed tokens like Floki (FLOKI) and WIF have been activated following the rise of Dogecoin. WIF has surpassed Pepecoin (PEPE) to become the third-largest meme coin by market value. Its breach of the $4 mark was also met with enthusiasm in the cryptocurrency world.
The DOGE Factor
Positions in DOGE futures showed a record increase of $2 billion. Following this move, warnings of a decline began as signs of exhaustion were seen in the price movements of Bitcoin and Ethereum.
Meme coins led by Solana-based Dogwifhat (WIF) drew attention today and saw significant increases. Bitcoin (BTC) traded above $70,000 with little change in the last 24 hours. Ethereum (ETH) fell by 1% along with Solana’s SOL and Cardano’s ADA, while Bitcoin Cash (BCH) continued its Thursday rise with an additional 4% increase.
Meme Coins Show 8% Increase
A significant increase in meme coins was a hot topic in the market today. On the other hand, some speculations inevitably affected the price of DOGE. For instance, speculations that DOGE would be used in an upcoming payment service of the X social application led to a 15% increase in Dogecoin.
Singapore-based QCP Capital stated in a Telegram broadcast on Friday, “The price rally was exponential in the first quarter and there are signs of exhaustion. We think there could be an 8% drop for ETH. Consequently, we see some fear in the market. Funding rates continue to stay very high, which means speculators are still paying high prices to maintain their leveraged long positions.” The company also emphasized, “While we continue the uptrend, we are cautious about leverage.”
Dogwifhat (WIF) Reaches This Market Value
As of writing this article, the price of Dogwifhat had retracted a bit after reaching the $4.03 level. The WIF price is currently trading at $3.68. Following the price increase of the meme coin Dogwifhat (WIF), it has reached a market value of $3.6 billion.
With this market value, WIF has become the 38th largest in the cryptocurrency world. This development is noteworthy as it shows how much meme coins are valued within the world of cryptocurrencies.
