TL;DR

• Dogwifhat (WIF), a Solana-based meme coin, noticed a considerable value enhance not too long ago.
• A possible surpassing of Shiba Inu’s market cap hinges on elements like neighborhood assist, use instances, market traits, and extra.

What are the Probabilities?

The Solana-based meme coin – dogwifhat (WIF) – has been among the many best-performing cryptocurrencies prior to now two weeks, with its value exploding by triple digits (per Coingecko’s information) and market cap briefly exceeding $450 million.

We determined to ask ChatGPT whether or not the uptrend might proceed all through 2024 and whether or not flippening Shiba Inu (SHIB) is feasible.

The AI-powered chatbot claimed this would possibly occur ought to WIF considerably strengthen the scale and exercise of its supporter base (together with builders and buyers). Based on a current evaluation, Shiba Inu (SHIB) has probably the most devoted neighborhood within the meme coin realm, whereas Dogecoin (DOGE) is second.

Use instances and utility have been additionally talked about as main parts. “If dogwifhat affords extra sensible or revolutionary options than Shiba Inu, it might probably achieve an edge,” it estimated.

Favorable market traits, applicable regulatory adjustments, and strategic partnerships might additionally increase the market capitalization of WIF.

Final however not least, ChatGPT touched upon buyers’ conduct, suggesting {that a} rising buzz surrounding the Solana meme coin would possibly set off a considerable stream of capital into its ecosystem.

Shiba Inu’s present market cap is sort of $5.5 billion, which means WIF ought to depend on a number of elements for an eventual flippening.

WIF’s Latest Progress

The Solana meme coin, launched in mid-December, rallied exponentially final month, reaching $0.32 a number of days earlier than Christmas. Nevertheless, its value skilled enhanced volatility shortly after, dropping under the $0.10 mark at first of January.

The hype surrounding the coin returned earlier this week, with WIF’s worth hitting an all-time excessive of over $0.45. Its peak could possibly be attributed to main listings on main cryptocurrency exchanges. As CryptoPotato reported, Binance and BitMEX launched WIF/USDT perpetual contracts, whereas Bybit and Kucoin additionally embraced the token.