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Dogwifhat meme coin hits all-time high, outperforming market peers

Published 03/29/2024, 11:39 AM
Updated 03/29/2024, 11:39 AM
© Reuters

In a day of otherwise muted activity in the cryptocurrency markets, Solana-based meme coin Dogwifhat price hit a new all-time high. 

This surge comes as the broader crypto market shows little movement ahead of extended holiday weekends in the U.S., Europe, and parts of Asia. Bitcoin price hovered around $70,000 during Friday's Asian morning hours with minimal change over the past 24 hours. 

Meanwhile, major tokens such as Ether, Solana’s SOL, and Cardano’s ADA saw a slight decrease of 1%, whereas Bitcoin Cash rose by 4% to continue its rally from Thursday.

However, meme coins outperformed other categories, including decentralized finance (DeFi), yield farms, and exchange tokens, with an average surge of 8%, according to CoinGecko.

The rise in meme tokens began early Thursday amid rumors of Dogecoin being integrated into a new payment service by the social application X. Despite the lack of official confirmation, futures tracking DOGE soared to a record $2 billion.

Launched in November, Dogwifhat has rapidly ascended in the meme coin sector thanks to its unique proposition. The coin started the day trading at $3.21, and following a period of sideways movement, it surged to reach an all-time high of $3.90 by the late afternoon, trading at $3.81 at the last check.

The strong performance marks Dogwifhat's best day since its launch, pushing it past the popular meme coin Pepe in the market capitalization rankings. According to data from Coingecko, Dogwifhat now ranks 38th among the top 100 cryptocurrencies, with a market cap of $3.8 billion, compared to Pepe's $3.37 billion at 43rd place.

Meme coins are typically known for their massive volatility and funny origins, making them highly sensitive to swift changes in investor mood. Dogwifhat, which is founded on the simple concept of "literally just a dog with a hat," embodies the speculative essence of these assets. Their value is influenced more by shifts in market sentiment than by the traditional fundamentals that usually drive investment decisions.

The surge in Dogwifhat coincides with gains across other meme coins, highlighting a broader interest in this category within the cryptocurrency space. Dog-themed tokens like floki (FLOKI), dogwifhat and Dogecoin were among the best performers, while Shiba Inu and Pepe also posted strong gains as investors are seeking opportunities beyond the mainstream crypto assets.

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