Solana’s "Dogecoin killer" dogwifhat (CRYPTO: WIF) clocked a 23.2% gain in the past 24 hours, powered by Bitcoin cracking the $52,000 mark.

What Happened: Dogwifhat surged into the top five memecoins by market capitalization, based on CoinGecko data. This placed it alongside elite memecoins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) and behind Bonk (CRYPTO: BONK) and Pepe (CRYPTO: PEPE).

WIF has rocketed to a market cap of $461.6 million at the time of writing in a very short span — as recently as Jan. 5, it traded around $130 million.

It has thus surpassed popular memecoins that came before it such as Floki (CRYPTO: FLOKI) and Memecoin (CRYPTO: MEME).

Also Read: GameStop, Dogwifhat And 'Dogecoin Killers:' How Memecoins Teach A 'Skill To Succeed' In Crypto

Why It Matters: Solana (CRYPTO: SOL) memecoins are worth $1.4 billion out of a total "memecoin market cap" of $22.8 billion, according to Coingecko. Although these memecoins lack relevant use cases or real-world utility, traders are still attracted to them for potential speculative gains.

“Hat stays on” was the mantra of cryptocurrency observers and influencers such as Dmitriy, Ansem, alexiuss and Uncle Eddie among many others.

Joe Ayoub, a former crypto research lead and founder of Rug_ai, tweets, “$WIF is the $DOGE of this cycle”

Demo’ed @rug_ai for 2 world-leading institutions this week.

Both times they’ve asked to see $WIF.

1) $WIF is the $DOGE of this cycle
2) We need to launch @rug_ai on Solana

— Joe Ayoub (@Crypto_Joe10) February 12, 2024

Others, including Floki and MAGA, are in line to grab a spot in the top five memecoins, as they have also witnessed significant rallies in recent weeks.

Read Next: Fair Play? Traders Turn $3,694 Into $1.78 Million With Copy Of 'Dogecoin Killer' $WIF

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