The digital meem currency is witnessing a meteoric rise and has become the third largest meme currency in terms of market value
Digital meme coins built on the Solana network continued their strong uptrend, with the market value of Dogwifhat reaching $4 billion for the first time today, Friday.
During the last 24 hours, Dogwifhat (WIF/USD) has risen by approximately 18%, now trading at $3.7499.
Amidst this recent surge, Dogwifhat surpassed the famous meme coin “Baby” to take the third position in the ranking of digital meme coins by market capitalization.
Launched in November 2023 at a modest price of $0.0000021, Dogwifhat has experienced rapid growth, jumping to the 40th position in the overall rankings of digital currency market capitalization.
The increasing interest in trading distinctive tokens based on the Solana network is driven by cheap gas fees, a challenge that the Ethereum network has yet to overcome.
Gas fees are charges paid to execute transactions on the blockchain, varying between different blockchains and influenced by factors such as transaction volume and blockchain demand.
Meanwhile, recent listings by major cryptocurrency exchanges such as Binance and KuCoin have added credibility to the project, which describes itself on its website as “just a dog with a hat.”
While Dogwifhat remains the top meme coin on Solana, Shiba Inu and Dogecoin still lead the market in terms of market capitalization among digital meme coins.
