- Solana’s Dogwifhat successfully breached the $3 mark today.
- Memecoin Bonanza escalates with PEPE & WIF, claiming new highs.
- PEPE erased a zero to trade above $0.00001 for the first time.
Memecoin mania has taken over crypto again this Thursday, as two popular mid-cap memecoins have soared to new all-time heights. This double-digit upswing for Pepe (PEPE) and Dogwifhat (WIF) comes along with the largest digital asset, Bitcoin (BTC), claiming a brand new all-time price record at $73,737 at 7 AM GMT on March 14, 2024.
PEPE Stars in Derivatives with $5B Volume
Pepe joins Solana’s popular canine coins Dogwifhat and Bonk (BONK) as the top-performing altcoins of the day. While Pepe picked up 14% gains amid Bitcoin’s new all-time high today, WIF inked 42% gains daily.
Upon entering price discovery, PEPE’s holders contemplate overtaking Shiba Inu (SHIB), a competing meme token with a proactive and vibrant community. While SHIB is near a TOP 10 spot by global market capitalization after a parabolic 289% weekly rally, PEPE’s $4.20 billion market capitalization puts it at #37.
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A large part of this success comes from cryptocurrency traders partaking in leveraged trades in the Derivatives market, which has seen a massive 53% spike in trading volume since yesterday. Claiming almost $5 billion in Derivatives trading volume, PEPE emerged as a leader in the memecoin sector, while WIF breached $3 billion during its new all-time high of $3.36.
Who Let Solana’s Dogs Out?
Solana’s WIF has embarked on a mysterious trip to the moon to become more popular than the original Solana (SOL) memecoin Bonk. Just nine days ago, the globe’s leading crypto exchange, Binance, listed WIF, which now accounts for the lion’s share of WIF’s overall trades.
Meanwhile, the Dogwifhat community completed its fundraiser to put the pink hat-wearing dog on top of the Las Vegas Sphere. In just two days, the WIF community donated $650,000 in USD Coin (USDC) to launch an advertising campaign in one of the main tourist attractions in Las Vegas.
Being the fastest memecurrency on Solana’s blockchain to conquer a $1 billion market cap, WIF has now officially become the fourth largest memecoin. At a global market cap of $3.28 billion, WIF is changing hands at $3.29, just 7 cents below its recently scored all-time high of $3.36 three hours ago. Meanwhile, Bonk was the third most profitable memecoin of the day, fetching 19.2% gains over the past 24 hours.
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BONK and WIF are now split by over a $1 billion difference in market cap. Gaining 169% since last month, BONK is now exchanging hands at $0.00003455, according to CoinGecko.
On the Flipside
- The 500% bull rally also for Dogwifhat surprised WIF’s developer, who sold 350M Dogwifhat tokens before the canine token got listed on centralized exchanges.
- Despite the significant price surge, CoinGlass on-chain data shows that $3.66 million of PEPE’s long positions were liquidated over the past 24 hours.
Why This Matters
The rising demand for memecoins indicates a new trend among crypto investors looking for more volatile alternatives to Bitcoin with potentially larger gains.
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