In this article, Dogwifhat (WIF) reached a new all-time high amidst subdued activity in the cryptocurrency markets. While Bitcoin hovered around $70,000 during Asian trading hours on Friday with minimal change over the past 24 hours, major altcoins like Ethereum, Solana, and Cardano experienced slight declines of around 1%, while Bitcoin Cash rose by 4%.
However, meme coins outperformed other categories, including decentralized finance (DeFi) tokens and yield farming tokens, with an average increase of 8%, according to CoinGecko.
The surge in meme coins began early on Thursday amidst rumors of Dogecoin’s integration into a new payment service by the social media app X. Despite no official confirmation, futures contracts tracking DOGE rose to a record level of $2 billion.
Dogwifhat, launched last November, quickly gained traction in the meme coin sector due to its unique offering. Starting the day at $3.21, the coin surged to its all-time high of $3.90 late in the afternoon, trading at $3.81 at the last check.
This strong performance marked Dogwifhat’s best day since its launch, surpassing the well-known meme coin Pepe in market cap rankings. Dogwifhat now ranks 38th among the top 100 digital currencies, with a market cap of $3.8 billion, compared to Pepe’s $3.37 billion at 43rd place.
Meme coins are typically known for their massive volatility and humorous assets, making them highly sensitive to rapid shifts in investor sentiment. Dogwifhat, based on the simple concept of “just a dog wearing a hat literally,” embodies the speculative nature of these assets. Its value is more influenced by market sentiment shifts than traditional fundamentals that typically drive investment decisions.
The significant rise in Dogwifhat coincides with gains made by other meme coins, highlighting broader interest in this category within the digital currency space. Dog-themed tokens like Floki (FLOKI), Dogwifhat, and Dogecoin were among the top-performing cryptocurrencies, while Shiba Inu and Pepe also recorded strong gains as investors seek opportunities beyond mainstream crypto assets.
