- Solana’s pink hat-wearing memecoin WIF emerges as the day’s top gainer.
- The 16% surge for Dogwifhat is ascribed to high demand for WIF’s Derivatives.
- Derivatives traders put Dogwifhat in the spotlight, with volume topping $2.55B.
Dogwifhat (WIF) has left the popular frog-themed memecoin Pepe (PEPE) in the dust during an early morning rally on Good Friday. Intriguingly, WIF snatched the third spot by global market capitalization from PEPE while claiming a new all-time high (ATH).
Solana’s memecoin Dogwifhat (WIF) reached a new all-time high at $4 at nearly 3AM GMT but later faced a retracement to $3.59. Comparing the global market cap, WIF now sports a $3,603,273,643 market cap, outsourcing PEPE’s market capitalization by over $300 million.
Claiming a bronze medal in the meme currency department, Dogwifhat now aims to challenge the two top dogs, Shiba Inu (SHIB) and Dogecoin (DOGE), but the difference is huge. While the leading memecoin DOGE encircles a $30 billion market cap, Shiba Inu’s $18bn market cap is approximately six times larger than WIF’s.
PEPE’s Glory Days Are Over?
As PEPE was forced to step aside in the charts, it may be thought that the one-year-old coin is losing its relevance. However, judging solely by social metrics, PEPE’s dominance among memecoins remains strong.
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To illustrate, the last 24-hour period has garnered 7,719,552 interactions for PEPE across social media channels. By this metric, PEPE only compares to SHIB, which produced slightly over 7 million interactions. This is a huge contrast to the price movements of PEPE and WIF, as the latter fetched less than 1 million interactions during the same time frame.
Coming off a new all-time high at $0.00001064, set on March 14, 2024, PEPE has already retraced 26.8% from the milestone. PEPE will first have to conquer the piling sell pressure to restore this price range, as the combined liquidity book showcases a $7 million gap between pending buys and sells.
On the Flipside
- Despite PEPE often being the most mentioned memecoin in social media and having a substantially larger liquidity on Spot markets, Derivatives markets tell a different story.
- Dogwifhat’s Derivatives trades have topped $2.54 billion over the past 24 hours, accelerating WIF’s Open Interest (OI) by 17% to $502 million, according to CoinGlass.
- On the other hand, PEPE’s Derivatives volume is at $1.17 billion, while the coin’s Open Interest (OI) metric plummeted by 3.55% despite the social dominance of PEPE.
Why This Matters
March 2024 has been the most successful month for the memecoin department so far, amassing $80 billion in trading volume in the first week.
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