However, memecoins have emerged as the most successful performers, with Dogwifhat (WIF) holding the lead. This is despite the fact that the general cryptocurrency market has remained unchanged. Earlier today, this well-known memecoin that operates on the Solana network reached a new all-time high.
Within the meme coin market, which is notoriously cutthroat, Dogwifhat, a memecoin that made its debut on the Solana network in November of the previous year, has quickly acquired prominence since its introduction.
Over the course of the last twenty-four hours, WIF has increased by more than 28 percent, climbing from $2.98 to an all-time high of $3.97. It is currently trading at $3.80 at the moment that this article is being written.
Due to this extraordinary performance, Dogwifhat has achieved its greatest daily showing since the launch of the product. Recent events have resulted in the coin surpassing the Ethereum-based memecoin Pepe in terms of market cap, so securing the 38th position in the rankings of CoinMarketCap.
The market capitalization of Dogwifhat is currently at $3.8 billion, while Pepe has landed in the 43rd position with a market capitalization of $3.37 billion.
On the other hand, because there is a limited amount of historical data available for the currency, it is difficult to create reliable price estimates using only technical analysis.
Meme currencies are extremely volatile and do not have any basic value, which is an important point to keep in mind. A Shiba Inu dog wearing a hat is the inspiration for the meme known as Dogwifhat.
It is important to note that other meme coins are also witnessing encouraging growth at the moment. In addition to Dogwifhat, the following four meme coins are among the top four best-performing tokens among the top 100 cryptocurrencies overall: Dogecoin reached a gain of 16.83%, the price of Floki rose by 12.7%, and BONK experienced a rally of 10%.
Stay turned for development