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Dogwifhat (WIF), a Solana-based memecoin, became the third-largest memecoin by market capitalization on March 29, surpassing Pepe (PEPE).
<h2 id="wif-price-surpasses-4-largest-whale-not-selling">WIF price surpasses $4, largest whale not selling</h2>
The price of Dogwifhat hit a new all-time high of $4.64 on March 30 before retracing to its current $4.32 mark as of 2:00 pm UTC, <a href="https://coinmarketcap.com/currencies/dogwifhat/" target="_blank" rel="noopener noreferrer nofollow">according</a> to CoinMarketCap data.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/382ed2f4-2fb7-4b6d-9bb1-40df8fa7434c.png" alt="" title="">
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 WIF/USDT, 1-day chart. Source: CoinMarketCap
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Following an over 87% weekly rally, Dogwifhat became the third-largest memecoin with a $4.3 billion market cap, surpassing Pepe (<a href="https://cointelegraph.com/pepe-price-index" rel="noopener noreferrer nofollow">PEPE</a>), which has a market cap of $3.4 billion. This makes WIF the 31st-largest cryptocurrency.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/10221186-801c-4577-9768-51fe137de1cc.png" alt="" title="">
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 Top memecoins by market capitalization. Source: CoinMarketCap
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Despite WIF rising over 431% during the past month, the largest holder is still not selling.
The wallet is holding a total of $139.5 million worth of WIF tokens, bought at an average price of $0.32, with a current unrealized profit of $127.3 million, <a href="https://coinstats.app/address/2Fcm8Z3wxjcwjhXiS3mSXeHQY62TYHhNK65zExFWPE6d/" target="_blank" rel="noopener noreferrer nofollow">according</a> to Coinstats.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/5c2ef638-7337-42cb-8ddd-208ae919256a.png" alt="" title="">
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 Largest WIF holder address. Source: Coinstats
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Dogwifhat’s price hit its previous peak of $3 on March 14 after fans <a href="https://cointelegraph.com/news/dogwifhat-price-hits-record-high-las-vegas-sphere-crowdfund" rel="noopener noreferrer nofollow">raised over $700,000</a> to advertise the token’s logo on the Las Vegas sphere. WIF’s price rose 25% immediately after the crowdfunding effort was announced.
Related: <a href="https://cointelegraph.com/news/how-high-can-bitcoin-go-180k-btc-price-prediction" rel="noopener noreferrer nofollow">How high can Bitcoin go? New BTC price prediction sees cycle top at $180K</a>
<h2 id="can-wif-price-rally-to-10">Can WIF price rally to $10?</h2>
Shortly before hitting the $3 mark for the first time, Arthur Hayes predicted that the Solana-based memecoin would <a href="https://cointelegraph.com/news/dogwifhat-price-to-10-arthur-hayes" rel="noopener noreferrer nofollow">rally to the $10 mark</a>. Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, wrote in a March 14 X post:
<blockquote>
 “The hat stays on while I count to $10.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-03/541de073-61e2-49c6-bb6f-32b51d75a28a.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 WIF/USDT, 1-month chart. Source: <a href="https://twitter.com/CryptoHayes/status/1768087147016339938" target="_blank" rel="noopener noreferrer nofollow">Arthur Hayes</a>
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Dogwifhat is not the first dog-themed memecoin to reach multibillion-dollar valuations despite being based on an internet meme. Dogecoin (<a href="https://cointelegraph.com/doge-price-index" rel="noopener noreferrer nofollow">DOGE</a>) reached a record $75.2 billion market capitalization in May 2021 and is currently worth $30.2 billion.
Dogwifhat price would be $30.8 per token to match DOGE’s market cap, an eightfold increase, which isn’t uncommon in the memecoin world.
During the 2021 bull market, Dogecoin price rose over 892% in the month leading up to its all-time high, from $0.07433 on April 12, 2021, to $0.7376 on May 6.
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 <img src="https://s3.cointelegraph.com/uploads/2024-03/8ebe4e77-a860-49bc-83c3-0d61251d6fc3.png" alt="" title="">
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 DOGE/USDT, 1-week chart.&nbsp;Source: CoinMarketCap
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Dogwifhat en route to $10? WIF is now the third-biggest memecoin as whales hold tight

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