TL;DR
- Dogwifhat, a meme coin based on Solana, registers a rise of 48% in 24 hours, exceeding $2.11.
- Listing on Binance drives Dogwifhat’s growth, increasing its visibility and attracting investors.
- The rally reflects growing interest in meme coins, with speculation about the potential of their underlying networks.
The Dogwifhat meme coin, based on Solana, has experienced an astonishing rebound in value, reaching an increase of 16% in a period of 24 hours, placing its price above $1.99, according to official data from CoinMarketCap.
This astonishing growth has boosted the coin’s market capitalization to over $2 billion in just three months since its initial issuance.
The main factor that has triggered this rise appears to be the listing of Dogwifhat on the popular Binance exchange.
This inclusion has likely increased the coin’s accessibility and exposure, attracting more investors and raising its price.
This impressive increase in value stands out within the meme coin category, which saw an average increase of 2.8% during the same period.
Other smaller cap meme coins, such as myro (MYRO) and mog coin (MOG), saw even more significant gains, with increases of up to 80%.
Dogwifhat has recorded a significant trading volume of almost $1 billion in the last 24 hours
This high trading volume suggests active engagement and interest on the part of investors.
Additionally, Dogwifhat is notable for being the first major meme coin to reach a price above $1, despite the large quantity in circulation commonly associated with meme coins.
The article also mentions anticipation of future exchange listings and popularity among the retail public as contributing factors to Dogwifhat’s profits.
The coin’s memetic value, particularly its association with an image of a dog wearing a hat , has attracted attention and been adopted within crypto circles.
This rally in Dogwifhat‘s value reflects a broader trend of interest in meme coins, especially since late February, amid a Bitcoin-led rally.
Investors view these coins as a speculative bet on the growth potential of their underlying networks.
Dogwifhat’s rally above $2 and its subsequent performance exemplify the volatile and speculative nature of meme coins within the cryptocurrency market.
