TL;DR

• WIF hits a brand new ATH, whereas different meme cash comparable to DOGE and SHIB are additionally effectively within the inexperienced.
• Regardless of the spectacular good points, traders are cautioned to watch out when coping with property of that kind resulting from their notorious volatility.

The trending Solana-based meme coin – dogwifhat (WIF) – appears to don’t have any limitations, charting a brand new all-time excessive worth of $4 (per CoinGecko’s information). Its market capitalization touched a whooping stage of $4 billion.

WIF’s market cap presently stands at roughly $3.7 billion, making it the Fortieth-biggest cryptocurrency and the third-largest within the meme coin realm. Pepe Coin (PEPE) dropped to the fourth place with a capitalization of round $3.3 billion.

WIF’s newest resurgence coincides with a big revival of the meme coin area of interest. The main asset of that kind – Dogecoin (DOGE) – exceeded the $0.20 mark, witnessing good points of 32% on a weekly scale. Shiba Inu (SHIB) can be effectively within the inexperienced, albeit in a extra modest style.

It’s secure to say that WIF’s success is greater than spectacular contemplating the truth that it entered the market on the finish of final 12 months. Its worth is up over 2,000% for the reason that starting of 2024 and the rally caught the attention of some outstanding trade individuals.

One instance is Arthur Hayes – BitMEX’s co-founder – who posted a photograph of himself sporting a hat (referring to the token’s identify and brand). Right here just lately said “the hat stays on whereas I depend to $10.”

One other issue probably contributing to WIF’s worth improve is the help from main cryptocurrency exchanges. BinanceBitMEX, Coinbase, and Kraken are a few of those who enabled buying and selling providers with the asset.

Dogwifhat’s upswing has been greater than welcomed by savvy merchants who hopped on the bandwagon in its early days. As CryptoPotato reportedone explicit investor purchased greater than 2.5 million tokens on the finish of 2023, spending simply $310. At present, the stash is value over $9 million.

Alternatively, merchants ought to be conscious that coping with meme cash may additionally result in essential losses as a result of notorious volatility of the asset class. These about to enter the ecosystem ought to verify our video under to keep away from some widespread errors: