Solana meme coin Dogwifhat surges 48%, outperforming BONK, DOGE

Dogwifhat became the first major meme coin to cross the $2 price mark.
A listing on the prominent exchange Binance likely drove the price surge.

CoinDesk Analysis Team CoinDesk

Solana’s runaway meme coin Dogwifhat (WIF) surged 48% in the past 24 hours to trade over $2.11 early Wednesday, reaching over $2 billion in capitalization just over three months after issuance.

Such gains were most in the meme coin category tracked on CoinGecko for tokens with over $1 billion capitalization. The category rose 2.8% on average, with lower caps like myro (MYRO) and mog coin (MOG) rising as much as 80%.

WIF was issued in November 2023 and quickly went viral in crypto circles. Much of the token’s memetic value is derived from its connection to an image of a dog wearing a hat – and the “wif hat” usage that has caught on and grown among crypto circles.

WIF traded nearly $1 billion in the past 24 hours, CoinGecko data shows. It is the first major meme token with a price of over $1. Meme tokens usually tend to have a significantly large circulating supply – and prices of any major meme, such as Dogecoin (DOGE) or shiba inu {{SHIB}], have never crossed the psychologically large $1 mark.

A listing on the prominent exchange Binance likely drove such price action, with the exchange recording $219 million in WIF trades within its first day.

Anticipation of future exchange listings and popularity among retail audiences contributed to gains, as per some X posts.

gm

~2x from yesterdays lows

pre robinhood/coinbase listing + tiktok mania

liquidate the binance listing shorters pic.twitter.com/3nLebCVBZ6
— Hsaka (@HsakaTrades) March 6, 2024

Meme coins have been in focus since late February amid a bitcoin-led rally. Investors have been treating these tokens as a bet on the growth of their underlying networks, as previously reported.

Author

CoinDesk Analysis Team

CoinDesk

CoinDesk is the media platform for the next generation of investors exploring how cryptocurrencies and digital assets are contributing to the evolution of the global financial system.

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