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Dogwifhat (WIF), a memecoin built on Solana’s platform, has climbed to become the third-largest memetoken by market capitalization as of March 29, overtaking Pepe (PEPE) token. On March 30, Dogwifhat reached a new peak of $4.64 before retracting to its current $4.32 level as of 2:00 pm (UTC), according to data from CoinMarketCap.

 

 

 

With an impressive weekly surge of over 87%, Dogwifhat now boasts a market capitalization of $4.3 billion, surpassing Pepe token’s $3.4 billion and positioning WIF as the 31st largest cryptocurrency by market cap. Despite a staggering 431% surge over the past month, the largest holder of WIF tokens has refrained from selling, holding onto a portfolio worth $139.5 million. Their average purchase price of $0.32 translates to an unrealized profit of $127.3 million, as reported by Coinstats.

 

 

 

The momentum behind Dogwifhat’s rise was fueled in part by a crowdfunding campaign where fans raised over $700,000 to feature the token’s logo on the Las Vegas sphere. This initiative led to a 25% price hike immediately after its announcement, with Dogwifhat reaching its previous peak of $3 on March 14. Arthur Hayes, former CEO of BitMEX and current chief investment officer at Maelstrom, had earlier forecasted Dogwifhat’s rally to the $10 mark. In a March 14 post on X, Hayes famously stated, “The hat stays on while I count to $10,” expressing confidence in the coin’s potential to surge further.

 

 

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