The world of cryptocurrency is always full of surprises. Dogecoin (DOGE) and Shiba Inu (SHIB) have proven that memecoin, even though it started as a joke, is able to achieve fantastic values and occupy the top position in the list of cryptocurrencies. Now, Dogwifhat (WIF) has emerged as a newcomer ready to make its own history.
Dogwifhat (WIF), a relatively new memecoin, has caught the attention of investors with a significant price surge in recent weeks.
The Success of Dogwifhat (WIF) in the Top 5 Memecoins
Previously, Dogwifhat (WIF) had passed FLOKI coin (FLOKI) to become the fourth largest meme coin with a market cap of $3.28 billion.
At that time, WIF's market capitalisation had swelled due to a 49% price increase. WIF now proudly sits behind Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) at the top of the ranking of the largest meme coin assets.
Also read: Bitcoin (BTC) Breaks Through $73,000: Rally Continues, Will It Keep Rising?
What are the chances of WIF following PEPE in third place?
WIF Price Increase has seen a tremendous increase, with it rising 360% in the past week and reaching an all-time high. This shows high investor interest and great growth potential.
Besides that, Dogwifhat has an active and enthusiastic online community on various social media platforms. This community plays an important role in spreading information and raising awareness about WIF.
Currently, the WIF price experienced a correction on Tuesday 19 March 2024 with a percentage decrease of 21.85%. WIF Token price is now $2.2664 according to Bitrue trade page.
Source: Bitrue
There is not much difference from the PEPE token which experiences price fluctuations. Quoted from CoinGecko, the PEPE price is currently $0.000006237 with a 19.76% decrease in the last 24 hours. That means, WIF opportunity to become the third largest meme coin is very wide open.
Coin Mania Memes Are Back
Meme coins are spearheading the current crypto bull market. Memecoins currently have a collective market capitalisation of $67 billion. Apart from WIF, other Solana-based meme coins are among those leading the rally.
New Solana meme coin Smog (SMOG) has seen a 40% rally in 24 hours, Taken from CoinGecko data, SMOG makes it the best performing token alongside WIF.
SMOG took the crypto market by storm after launching last month, and rose more than 700% in one month. BONK is up 179% over the past month, while Myro (MYRO), Solana's third-largest meme coin, has surged more than 500%.
Also read: BOME Price Dropped 50%, Domino Effect on Other Memecoins?
Utility
WIF has several utilities that can increase its value, such as:
· Used to purchase Dogwifhat merchandise.
· Used to participate in games and lotteries on the Dogwifhat platform.
· Used to tip content creators on the Dogwifhat platform.
Analysis of Inhibiting Factors
- High Volatility: Like other memecoins, WIF has high volatility. This means that WIF prices can fall as quickly and significantly as they rise.
- Competition: There are many other memecoins on the market, and some of them have much larger market caps than WIF.
- Regulatory Concerns: Increasingly stringent cryptocurrency regulations could have a negative impact on WIF and other memecoins.
Conclusion
It is too early to say for sure whether Dogwifhat (WIF) can become the 3rd largest memecoin. WIF has several strong supporting factors, such as significant price increases, an active community, and real utility.
However, WIF also faces several challenges, such as high volatility, intense competition, and regulatory concerns.
WIF's future will depend on various factors, including its ability to attract more investors, grow its utility, and overcome its volatility.
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