While the overall cryptocurrency market remains relatively stable, meme coins have been gaining momentum, with Dogwifhat emerging as a front-runner.
The red-hot Solana-based meme coin has recently reached a new all-time high, becoming the third largest meme coin by market cap after Dogecoin and Shiba Inu.
Starting the day at $3.21, the coin experienced sideways trading until around 9 am ET, after which it witnessed a sudden spike.
Earlier today, it reached an all-time high of above $4 and is currently trading at $3.73, up by more than 20% over the past day.
$WIF has flipped $PEPE, and is now the 3rd largest meme coin by market capitalization. pic.twitter.com/4vg1HnazkZ
— CoinGecko (@coingecko) March 29, 2024
Dogwifhat’s Strongest Daily Performance
The recent performance marks Dogwifhat’s strongest daily showing since its launch.
The coin has surpassed the more established meme coin Pepe, securing the 38th position in the Top 100.
According to data from CoinMarketCap, Dogwifhat has a market cap of $3.7 billion, while Pepe settles in 43rd place with a market cap of $3.32 billion.
It is important to note that meme coins are highly volatile and lack strong fundamentals.
The vision behind WIF is simply “literally just a dog wif a hat.”
As a result, they are influenced by random events, such as tweets, unrelated news, and the movements of other coins.
Market sentiment plays a larger role in driving these tokens than any tangible factors.
Other meme coins are also performing well today.
In the overall Top 100 of the crypto industry, the four best-performing tokens are meme coins: Dogecoin (+16.83%), Floki (+12.7%), and BONK (+10%).
Outside of the top 10, PEPE has seen an 2% increase and is currently trading at $0.000007883 per token, while Shiba Inu is up 5.85% to $0.00003179.
A total of 65 out of the 100 biggest meme coins have posted gains in the last 24 hours.
Solana Emerges as Preferred Blockchain for Meme Coins
Solana (SOL), a blockchain platform known for its low transaction costs, has emerged as a preferred venue for trading these coins.
According to data from CoinGecko, the Solana meme coin sector has surged by 13% over the past week and more than 40% over the past month.
The platform has seen a wave of new coins featuring caricatures of public figures like Joe Biden and Donald Trump.
Meanwhile, there has been a surge in presale scams amid the meme coin season on the Solana blockchain, which continues in full force.
Just recently, crypto detective ZachXBT highlighted several presale coins that have raised concerns due to fraudulent activities and suspicions of being rug pulls.
One instance involves X user @Sartoshi0x, who received 7,000 SOL as part of a presale but secretly kept 62% of the funds without distributing the tokens as promised.
The surge in Solana meme coin presale scams comes as these events have amassed a staggering $150 million in SOL from only 33 presales.
Despite the allure of quick gains, ZachXBT emphasizes that many of these projects, often promoted by smaller accounts, are either dubious or outright scams.
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