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YEREVAN (CoinChapter.com) — Dogwifhat Coin (WIF), the latest dog-themed meme coin in the crypto market, has recently gained significant attention in the industry. Launched on the Solana (SOL) blockchain, the Dogwifhagt coin features the image of a Shiba Inu dog wearing a knitted hat (hence the name). In a matter of days, WIF price has registered a dramatic surge, rallying by over 7,000%.
As a result of its groundbreaking rally, the current market cap of Dogwifhat stands at a little shy of $300 million.
Dogwifhat price rally surprises markets
At the time of writing, the WIF price trades at $0.298593, according to the crypto portfolio management app CoinStats. In the past 24 hours, the token’s price surged over 50%, with $35 million in trading volume.
For the uninitiated, dogfight has a circulating supply volume of 998,926,392 WIF coins. Its maximum token supply volume constitutes 998,926,392.
The sudden surge in popularity of the Dogwifhat Coin may be attributed to several factors, mostly typical of meme coins. It follows the trend which similar meme coins like Pepe Coin (PEPE) and more recently the Bonk Inu (BONK) set. These tokens have attracted significant attention from investors, setting them on a path to parabolic rise.
While the BONK price surged over 400% in a month, PEPE’s year-to-date rally stands at over 2,400%.
Solana (SOL) enjoys meme token-backed rally
The Bonk Inu token hype caused the demand for the Solana Saga phone to skyrocket last week. Initially, the phone didn’t have many takers. However, after people found out they could claim 30 million BONK tokens, everyone wanted it. Reports emerged of some unopened Saga phones going for upwards of $5,000 on Ebay.
As a result of the surge in activity around these alt tokens, including WIF and BONK, the price of SOL, the native currency of Solana, spiked. According to market data, it has rallied around 80% in the past month alone. While writing, SOL exchanges hands at $92.
The general resurgence of interest in cryptocurrencies and meme coins has impacted the Dogwifhat token. While early investors are now floating in profits, others advise exercising caution. However, SOL has not been left out of the profits.
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