Dogwifhat Sparks Surge in Meme Coins

Dogwifhat’s market cap surpassed $3 billion, despite its novelty as a meme coin featuring a Shiba Inu.

Dogwifhat (WIF), an ever-evolving Solana token, spearheaded a surge for meme coins on Tuesday, increasing over 20% overnight while the majority of the cryptocurrency market remained essentially unchanged.

The price of the meme coin of the moment, WIF, peaked at $3.27 early Tuesday morning and settled at $3.18 as of this writing within hours. The token’s value with a Shiba Inu motif has increased by 20% over the past twenty-four hours.

Dogwifhat has once again surpassed $3 billion in market capitalization with its gains on Tuesday—exactly $3.168 billion. This is an extraordinary achievement for a meme coin that debuted only a few months ago, providing only an image of a puppy wearing knit headwear.

Tuesday saw the success of additional Shiba Inu-themed tokens based in Solana, in addition to WIF. BONK, an application that experienced a surge in prominence in December, witnessed noteworthy overnight gains exceeding 13%.

Dogwifhat Dominance

In the past twenty-four hours, the token has increased in value by thirteen percent but is still worth a fraction of a cent. As a result, BONK now has an estimated market capitalization of $1.734.034 billion.

In recent weeks, WIF surpassed BONK in market capitalization for the first time. It is currently evident that the trend is becoming more pronounced.

Notable meme currencies experienced a remarkably upbeat morning on Ethereum as well. Tuesday saw a surge in cult-favorite Pepecoin (PEPE) above 10%, followed by a 24-point increase to 6.5% as of this writing.

Early Tuesday marked a solid, albeit comparatively unremarkable, performance for Dogecoin (DOGE), the progenitor of meme currencies.

As of this writing, the token is up 4.5% today, or just above $0.18. Over the past week, DOGE has experienced an extraordinary increase of more than 37%.

It appears that DOGE has received an endorsement directly from the Dogefather. A user of xAI Grok uploaded a screenshot of the response to the question “Can I transmit or receive DOGE on X?” just yesterday.

Grok responded affirmatively before guiding the users through a series of procedures involving an unreleased “X Wallet” that initially required DOGE.