Dogwifhat (WIF) Rockets to Over $2 Billion Market Cap in Meme Coin Frenzy

Dogwifhat (WIF), the sensational meme coin on the Solana network, has experienced an astonishing surge of 68%, catapulting its value to over $2.26 as of early Wednesday. This surge has propelled its market capitalization to surpass $2 billion, marking a remarkable milestone just slightly over three months since its inception.

Among the meme coins, notable gains were observed, with tokens boasting over $1 billion in capitalization. Smaller-cap tokens such as myro (MYRO) and mog coin (MOG) saw staggering spikes, with increases of up to 80%.

Introduced to the market in November 2023, WIF swiftly captured the attention of the crypto community, quickly becoming viral. Much of its appeal stems from its association with an image of a dog adorned with a hat – a phenomenon known as the "wif hat," which has gained traction within crypto circles. Over the past 24 hours alone, WIF recorded a trading volume of nearly $1 billion. Remarkably, it is the first major meme token to surpass the $1 price threshold. Traditionally, meme tokens tend to have extensive circulating supplies, and none of the prominent meme tokens like dogecoin (DOGE) or shiba inu (SHIB) have breached the significant psychological barrier of $1.

The listing of WIF on the renowned exchange Binance undoubtedly played a pivotal role in driving its price surge, with the exchange witnessing a staggering $219 million in WIF trades within the initial day of listing.

Anticipation surrounding potential listings on additional exchanges coupled with its burgeoning popularity among retail investors have contributed significantly to its recent gains, according to some sources. Meme coins have been under the spotlight since late February amid a rally led by bitcoin, with investors viewing these tokens as speculative bets on the expansion of their underlying networks.