‘Shiba Inu Killer’ Dogwifhat Pumps 34% On $180M Trading Volume: Could An Exchange Listings Be Next?
By Benzinga
Solana’s memecoin darling Dogwifhat (CRYPTO: WIF) continues its price rally, confirming predictions of a much bigger leg up ahead.
What Happened: In the past 24 hours, Dogwifhat surged 34% taking its price to an all-time high of 77 cents, with trading volume expanding by 41% to $180.9 million. The memecoin is riding high on the broader crypto market rally, as Bitcoin crossed the $60,000 mark for the first time since November 2021.
With a valuation of $770.9 million, WIF has managed to secure the fifth position among meme coins by market cap.
Based on DEXScreener data, WIF boasts $8 million in liquidity and 22,703 transactions in the past 24 hours.
Why It Matters: Content creator and investor, Jake Gagain, sees the meme coin peaking at a market cap of $1 billion very soon. He notes around 46,500 holders in the WIF community.
The significant gains of other meme coins ballooned their market cap by 16.1% to $28.9 billion in the past 24 hours, based on Coingecko data.
Notably, Solana’s total value locked increased to $2.2 billion as of Wednesday, compared to $1.97 billion as of Feb. 21, based on DeFiLlama data.
Nick Ruck, COO of ContentFi Labs, mentioned that these meme coins “often pump following blue-chip rallies” due to a lack of narratives. Additionally, traders are repositioning from Ethereum and Bitcoin to altcoins, as reported by CoinDesk.
Heavily-followed trader Hsaka Trades sees listings on centralized exchanges coming soon:
$1b+ 24h perps volume
no tier 1 spot listings yet. (expect this to change soon) https://t.co/5ESQd3bJye
— Hsaka (@HsakaTrades) February 28, 2024
Solana (CRYPTO: SOL) influencer Ansem shared a screenshot of Bitcoin and Dogwifhat gains, implying that "hard money and silly money" are increasing fast.
While a trader took a long position on WIF and earned significant profits, one should be cautious about meme coin trading, as sudden price swings could dent investors’ portfolios.
Read Next: Dogwifhat On Fire With 125% Gains After ByBit Listing: 'WIF Is The Next BONK' Says Analyst
Photo: Shutterstock
