Here’s Why Dogwifhat Memecoin Cracked Top 100 Cryptos

Dogwifhat rides a wave of memecoin hype to enter the top 100 after a jaw-dropping 230% rally this past week.

Dogwifhat dog being treated like a god.
Created by Gabor Kovacs from DailyCoin
  • Dogwifhat rides a surging wave of interest.
  • Speculation is mounting on major exchange listings.
  • Early Dogwifhat investors saw over 60,000% gains.

Memecoins have been booming as the crypto bull narrative continues gaining momentum. Amid the renewed optimism, the Dogwifhat token (WIF) has delivered a jaw-dropping 230% rally this past week, entering the top 100 cryptos from a $1 billion+ valuation. But what’s behind this meteoric rise?

Dogwifhat Memecoin Exchange Listing

Dogwifhat’s meteoric rise in the cryptocurrency pecking order coincided with Robinhood Europe listing the WIF token. Robinhood users in Europe can now trade WIF alongside numerous established tokens, including Cosmos, Polkadot, and XRP.

Former BitMEX CEO Arthur Hayes joined in with the flood of social media mentions as hype around the Robinhood listing was building to a fever pitch.

Although a Robinhood listing is a big deal in anyone’s book, X influencer “OSF” stoked speculation that other major exchanges, such as Coinbase, Binance, or Gemini, may jump on board the hype train soon and join Robinhood in listing Dogwifhat.    

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Pepe and Bonk were the notable memecoin successes of 2023, earning early investors thousands of percent gains at their respective tops. Binance listed Pepe in May 2023 and Bonk in December 2023.

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Robinhood’s endorsement helped propel Dogwifhat’s price higher, topping off an already explosive run for what is “literally just a dog wif a hat.” 

WIF Climbs to All-Time High

Dogwifhat’s explosive run recorded a new all-time price of $1.05 on March 1, equating to a $1.04 billion market cap valuation, per CoinGecko data. WIF recorded a steady uptrend since December 2023, culminating in a near-vertical lift-off from February 23. 

Dogwifhat price chart showing surge from late February, per CoinGecko.
WIFUSD on CoinGecko

According to CoinGecko, December 13, 2023, marked WIF’s all-time low price at $0.001555. On this date, $1,000 invested in Dogwifhat would have earned $675,200 at the local top, yielding over 67,000% gains. 

Dogwifhat is ranked as the 96th largest cryptocurrency, above IOTA, Kava, Astar, and Klaytn, at the time of writing.  

On the Flipside

  • Market cap rankings are highly changeable.
  • Solana is building a reputation as the home of killer memecoins, following the recent success of Bonk.
  • Memecoins, in general, have a reputation for failing to sustain long-term interest.

Why This Matters

Dogwifhat’s rapid rise to success underscores the enduring appetite for memecoins. Although purists may contend that memecoins lack fundamental value, the prevailing influence of hype and speculation, epitomized by trending memecoins, often takes precedence, especially during bullish market euphoria.

Read about Dogwifhat’s growing recognition here:

Solana’s BONK Tumbles 40%; Is Dogwifhat the New Darling?

Vanguard chief Tim Buckley retires, fueling speculation it was Bitcoin-related. Read more here: 

Does Vanguard Regret Not Launching a Bitcoin ETF?

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Samuel Wan

Samuel Wan is a finance professional turned crypto journalist, known for his insightful reporting on market trends, regulatory changes, and technological developments within the digital asset industry. His ability to simplify complex concepts and report the facts has made him a trusted source in the crypto community. Beyond his writing, Samuel is an active mountain biker and gamer.