Wif! Dogwifhat, which has been in fine form in recent weeks, is continuing its upward trend. The WIF price has just exceeded $4 for the first time, surpassing the PEPE. A look back at the memecoin explosion.

Dogwifhat (WIF) becomes the 3rd most capitalized memecoin

As is often the case in the memecoin ecosystem, Dogwifhat’s breakthrough has been rapid and explosive. The Solana (SOL)-based cryptocurrency was only launched last December, but it has already reached 3rd place among the most capitalized memecoins, behind Dogecoin (DOGE) and Shiba Inu (SHIB).

Overnight, the price of WIF topped the $4 mark, a threshold it had never reached before:

In just over a week, WIF’s share price has soared by +106%. This morning, its capitalization stood at $3.6 billion, ahead of Pepe (PEPE) at $3.2 billion. However, it is still a long way from Shiba Inu (SHIB), in 2nd place with a market capitalization of $18.1 billion.

How do you explain the Dogwifhat breakthrough?

First of all, it’s worth remembering that 2 factors are driving the memecoin explosion at the moment: firstly, the bull run context, with Bitcoin (BTC) recently topping $70,000. Secondly, the explosion of the Solana ecosystem, which has seen a surge in interest and a wave of new memecoins.

As far as Dogwifhat in particular is concerned, we note that the cryptocurrency has succeeded in its recent gamble. The WIF community managed to raise $700,000 to display its mascot on the Las Vegas Sphere for a week. This feat not only helped get the word out about memecoin, but also demonstrated the overwhelming enthusiasm of its community.

It’s also worth noting that this week, Dogecoin rose sharply, which undoubtedly contributed to the breakthrough of its little brother, Dogwifhat. Memecoins are therefore in fine form at the moment, and are a good indicator of the optimism prevailing in the ecosystem in recent weeks.

Source : TradingView