Shiba

dogwifhat

Bonk

Shiba Inu

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  Cover image via <a href="https://u.today/">U.Today</a>
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<h2 id="what-happened">What happened</h2>
<p dir="ltr">The meme coin category has experienced a significant 20% gain in late March. The surge began on early Thursday with meme tokens showing increased momentum, fueled by speculation surrounding the potential integration of Dogecoin (DOGE) into a forthcoming payments service of a social application known as X.</p>
<img data-entity-type="file" data-entity-uuid="1dc52f00-bb72-4b88-9e63-6fb52ce3b9e9" src="https://u.today/sites/default/files/inline-images/WIF_All_graph_coinmarketcap_1.jpeg">Source: <a href="https://coinmarketcap.com/currencies/dogwifhat/">CoinMarketCap</a>
<p dir="ltr">Dogwifhat (WIF) (a meme token) managed to flip Pepecoin (PEPE) in market capitalization rankings, becoming the third-largest meme token in this category. WIF's price also rose above the $4 mark March 28, showing the biggest price increase since its launch.</p>
<blockquote>
 <p lang="en" dir="ltr">Update. The WIF I sold for $800 is now worth $13,795,900 🫡Unbothered. Moisturized. Happy. In my lane. Focused. Flourishing. <a href="https://t.co/PWc4uWu7Pz">pic.twitter.com/PWc4uWu7Pz</a></p>— 609.slam (@609NFT) <a href="https://twitter.com/609NFT/status/1765427032001757596?ref_src=twsrc%5Etfw">March 6, 2024</a>
</blockquote> 
<p>However, just a week later, WIF has lost most of its gains. What do we make of all this?</p>
<h2 id="wif-origins">WIF origins</h2>
<p dir="ltr">The "Dogwifhat" meme originates from a photograph of a Shiba Inu dog wearing a beanie. In late December 2019, edited versions of this image, featuring logos and images on the beanie, became popular on Twitter, specifically in the eSports community.</p>
<p dir="ltr">WIF entered the open market in December 2023 at approximately $0.001555. By the end of that month, it had surged to $0.30 before declining to $0.08 in January. This rapid fluctuation in price highlights the speculative nature of meme coins like WIF.</p>
<p dir="ltr">The founders of the Dogwifhat project are anonymous, but they drew inspiration from Dogecoin (DOGE), the well-known meme coin. Unlike DOGE, which has practical use cases, the value of Dogwifhat is driven solely by speculation.</p>
<h2 id="wif-price-potential">WIF price potential</h2>
<p dir="ltr">Meme coins famously attract massive and younger retail investors with their relative cheapness, large price movements and their strong bond with current internet culture.</p>
<p dir="ltr">The price of Dogwifhat (WIF) reached its latest all-time high of $4.64 on March 30, soaring more than 250,000% since its launch.</p>
<p dir="ltr">However, in the past week, the price has dropped by more than 10%, and it is currently trading at $3.8. Despite this recent drop, WIF still holds the third place in terms of market capitalization ($3.25 billion), although it has decreased by 28% this week.</p>
<img data-entity-type="file" data-entity-uuid="8141c18d-3256-4d38-8a01-09cf010c6b27" src="https://u.today/sites/default/files/inline-images/WIF_7D_graph_coinmarketcap.jpeg">Source: <a href="https://coinmarketcap.com/currencies/dogwifhat/">CoinMarketCap</a>
<p dir="ltr">The overall meme coin market sentiment seems resilient (although, some might argue that the meme coins rise is a sign of a potential crypto market crash). In the past month, meme coins' total market cap has reached over $55 billion.</p>
<p dir="ltr">The approval of U.S. ETFs investing directly in Bitcoin in January sparked an $800 billion rally in crypto in just the past month. It is widely believed in the market that a meme coin frenzy follows a Bitcoin rally.</p>
<img data-entity-type="file" data-entity-uuid="1fdda6dd-2e78-436c-a2c9-c50181e52e5d" src="https://u.today/sites/default/files/inline-images/%D0%A1%D0%BD%D0%B8%D0%BC%D0%BE%D0%BA%20%D1%8D%D0%BA%D1%80%D0%B0%D0%BD%D0%B0%20%2877%29.png">Source: IntoTheBlock
<p dir="ltr">Meme coins like Dogwifhat's WIF, Pepe and Bonk have skyrocketed since late February, pushing the value of their total circulating supply into the billions of dollars.</p>
<p dir="ltr">High volatility is one of the reasons why meme coins are so popular among retail investors. In this regard, WIF is likely&nbsp;to continue to deliver large price movements.</p>

Dogwifhat (WIF) Chasing After DOGE and SHIB: New Top Dog Meme Coin to Come?

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