Dogwifhat Becomes Third-Largest Meme Coin as Bitcoin Holds at $70K

Dogwifhat, based in Solana, spearheaded the meme coin boom that surpassed other niches like DeFi and trading tokens. Some trading organizations cautioned of a reversal in recent advances due to symptoms of weariness in the price movement of bitcoin and ether, while bets on DOGE-tracked futures reached a record $2 billion.

In the wake of the long weekend in the US, Europe, and parts of Asia, meme coins such as dogwifhat (WIF), headquartered on Solana, have continued to climb and take the lead in the market. However, the overall market sentiment has remained mostly unchanged.

There was minimal movement in the value of Bitcoin {{BTC}} during the previous 24 hours, as it traded at approximately $70,000 million during Friday morning Asian time. In contrast to Bitcoin Cash's (BCH) 4% gain to extend its Thursday rise, Ether ({{ETH}}), Solana (SOL), and Cardano (ADA) all saw 1% declines.

A wide-based indicator of the top tokens (excluding stablecoins), the CoinDesk 20, fell 0.56 percent. Meme coins outpaced more serious areas like decentralized banking, yield farms, and exchange tokens, according to statistics from CoinGecko, which showed an average surge of 8%.

Meme tokens began trading early Thursday on rumors that social application X's new payments service would use DOGE, even though the company has not confirmed this. Expectations of future price volatility, with a bias toward longs, are reflected in the record $2 billion in bets on DOGE-tracked futures.

Dogecoin was a beta test for other tokens with a canine motif, like floki (FLOKI) and WIF. On Thursday, WIF surpassed the $4 mark, making it the third-largest meme token by market valuation, after pepecoin (PEPE). At the same time, when the price movement of bitcoin and ether exhibited signs of weariness, several trading firms warned of a drop in recent advances.

The price surge in Q1 has been exponential, and there are symptoms of tiredness," said QCP Capital, a Singapore-based investment firm, in a Telegram broadcast on Friday.

At -8%, ETH risk reversals are leaning downward, suggesting that there is some concern. So long as funding and forwards are at historically high levels, speculators will continue to pay a premium to maintain their leveraged long positions.

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