Amid cryptocurrency market volatility, Dogwifhat [WIF] , a meme-inspired cryptocurrency with a dog in a pink beanie, surged to a $3.2 billion market cap. However, the rapid surge in its price suggests a heightened level of market speculation and fervor.
Notably, Raoul Pal, founder and CEO of Real Vision Group, recently disclosed his ownership of a portion of the Solana-based meme token Dogwifhat. This revelation coincided with a significant spike in the token’s market value, experiencing a remarkable surge of over 40%.
Taking to X (formerly Twitter), Pal revealed,
“WIF = Banananananas! +1600% in 90 days, 600% in 30 days, +54% in 7 days.”
He further added,
“There is no mania like crypto mania… (yes, I have a small bag <2%, no I’m not shilling it, merely enjoying the fun).”
Pal clarified his WIF holdings aren’t an endorsement, but an acknowledgment of the token’s excitement.
Arthur Hayes, former CEO of BitMEX CEO, was another WIF proponent. He expects WIF to hit $10.
Hayes said,
“The hat stays on while I count to $10.”
Memecoin mania
This disclosure comes at a time when WIF’s market value has surpassed the $3 mark for the first time. The surge in WIF’s market value has caught the attention of traders and the wider cryptocurrency community, reigniting interest in meme tokens within the Solana ecosystem.
Despite its recent emergence, WIF has quickly become the fourth-largest meme token, with a $3.1 billion market value, trailing only Dogecoin.
Additionally, an Arkham Intelligence report showcased the meme token’s profitability, citing a trader who earned a remarkable 33,000% return from Dogwifhat hype.
“It’s Solana season – again. With $WIF breaking above a $1B valuation, let’s flashback to one of the traders we looked at almost 2 months ago.”
WIF’s strong community backing
Separately, WIF’s community raised over $690,000 to showcase its mascot at Las Vegas’ Sphere venue, surpassing the $650,000 target in just four days.
Remarking on the same, Ansem, a prominent crypto trader, noted,
“iight bros, it’s time, we’re putting dogwifhat on the vegas sphere.”
This highlights both community dedication and vibrant support for the token. As WIF continues to grow and evolve, such enthusiastic backing from its community bodes well for its prospects in the dynamic world of cryptocurrency.
