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Dogwifhat overtakes Pepe in meme coin rankings
Meme coins like Dogwifhat are experiencing a boom and increasing by 20% in market capitalization. Find out more about the current development here! Buy now with Bitpanda!
Dogwifhat overtakes Pepe in meme coin rankings
Meme coins have seen a staggering 20% increase in their market cap in recent weeks, with Dogecoin (DOGE) leading the way. But one notable rise was that of Dogwifhat (WIF), which overtook Pepe (PEPE) in market cap and became the third-largest meme coin on March 28 with a price increase to over $4. Despite a recent price decline of over 10%, WIF remains in third place with a market cap of $3.25 billion.
Dogwifhat's origins lie in a viral meme photo of a Shiba Inu wearing a hat that made the rounds on social media in late 2019. Unlike Dogecoin, WIF's value is based entirely on speculation, which is evident by its high volatility. Since its launch in December 2023, WIF's price has seen ups and downs, recently falling again by more than 10% but still retaining third place in market capitalization.
The overall sentiment in the meme coin market remains resilient despite WIF’s recent decline. The total market capitalization of meme coins has surpassed $55 billion, with coins such as Dogwifhat's WIF, Pepe and Bonk increasing in value. The approval of US ETFs investing in Bitcoin and the strong Bitcoin rally in the crypto sector have led to additional interest in meme coins as investors speculate on potential profits. WIF and other meme coins are expected to continue to experience large price fluctuations, making them popular among retail investors.