Dogwifhat Zooms to Nearly 50 Cents as Solana Meme Coins Make a Comeback
In a surprising turn of events, Dogwifhat (WIF), a meme coin on the Solana blockchain, has seen a significant surge in value, reaching nearly 50 cents. It has gained significant attention in the cryptocurrency market due to its unique visual identity, which is inspired by a Shiba Inu adorned with a knitted hat. The coin quickly gained attention and popularity in the crypto market due to its unique visual identity and the general resurgence of interest in cryptocurrencies and meme coins.
This comes as part of a broader resurgence of Solana-based meme coins, which have been experiencing a renewed frenzy similar to the one that drove the price of Solana’s SOL to nearly $121 last year.
Meme coins on the Solana blockchain, such as Dogwifhat, have been gaining traction due to their playful essence and the Solana platform’s high transaction speed and low fees. Dogwifhat, in particular, has seen a meteoric rise, with its value derived from its connection to an image of a dog wearing a hat, a meme that has caught on and grown among crypto circles.
Dogwifhat’s price rose as much as 50% to 48 cents in the past 24 hours before retreating. This surge was buoyed by traditional finance firm Franklin Templeton, which alluded to the token’s “wif hat” meme in a post, impressing the growth of Solana-based applications. Other meme coins, such as usedcar (USEDCAR), popcat (POPCAT), and kpop (KPOP), also spiked as much as 50%, although they have relatively lower market capitalizations of under $20 million.
You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat
— Franklin Templeton (@FTI_US) January 17, 2024
The resurgence of Solana meme coins has had a profound impact on the market. Trading volumes and users across several meme coins that sprouted in December have surged in the past week. Dogwifhat’s surge has catapulted it into seventh place among meme tokens by market capitalization. The coin’s success could serve as a stepping stone, attracting attention from larger platforms such as Binance and Coinbase.
While the resurgence of Solana meme coins, led by Dogwifhat, has brought excitement to the market, it’s important to note that the volatile nature of these coins can lead to significant financial risks for uninformed investors. Their value is often driven more by social media trends and celebrity endorsements than by fundamental factors, leading to unpredictable market behavior. As such, while the growth of these coins is impressive, it also serves as a reminder of the need for caution and informed decision-making in the crypto market.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information