"It's really the best, in a short time WIF has become the top 29 crypto by market capitalization."
The increasingly popular Solana (SOL)-based memecoin dogwifhat (WIF) finally managed to shock the entire cryptocurrency market once again when its price climbed close to $5.
On average, the memecoin category grew 8% over more serious niches such as decentralized finance, yield farms and token exchanges.
Many memecoins especially WIF are getting more attention amid speculation about Dogecoin (DOGE) which is expected to be used in the payment service for social media platform X although there is still no official communication.
Be aware that bets on DOGE-tracked futures have climbed to a record $2 billion indicating expected price volatility in the future, but most of it is from longs.
So here we can see dog-themed tokens like Floki Inu (FLOKI) and WIF rising as beta bets on DOGE, where WIF beat Pepe Coin (PEPE) to become the third largest memecoin by market cap.
Even so, some trading firms are warning that a pullback in recent gains could follow Bitcoin (BTC) and Ethereum (ETH) price reactions showing signs of flatlining.
As of this writing, WIF price has surged by 5.54% to $4.62 in the last 24 hours with a market capitalization of over $4 billion and a 66.28% increase over the last week.
