Dogwifhat, a Solana-based memecoin, soared over 50% post its Binance listing, hitting a record high of $2.16. Over the last 24 hours, Dogwifhat has outpaced other memecoins, boasting a remarkable gain of over 17%, surpassing peers like pepe, which saw a 7% increase.
Today, Solana-based memecoin dogwifhat skyrocketed by more than 50%, hitting its highest levels ever. This surge followed its listing on Binance at 9 a.m. ET on Tuesday.
Dogwifhat Surges Amid Bitcoin’s Sell-Off
Initial Dip and Rapid Recovery: During Bitcoin’s post-all-time high sell-off yesterday, dogwifhat initially dropped by 17% from approximately $1.35 to a low of $1.12. This decline mirrored the broader crypto market’s movement following Bitcoin’s price action. However, it quickly rebounded, nearly doubling from the low to reach a new all-time high of around $2.16.
Impressive Performance: Currently trading at $2.06, Dogwifhat has seen a remarkable 17% increase over the past 24 hours. Its performance over the past week is even more impressive, with a surge of 240%, and a staggering 1,245% increase year-to-date. The dog-themed token has achieved a market capitalization of $2.1 billion, just three months after its launch in November, which quickly went viral.
Comparison with Other Memecoins: In contrast, other memecoins like Pepe have experienced modest gains of around 7% over the past 24 hours. However, popular tokens such as Dogecoin, Bonk, and Shiba Inu have each recorded losses of approximately 10%.
Memecoin Market Dynamics Amidst Bitcoin’s All-Time High
Pepe and Bonk Near All-Time Highs: Newer memecoins like Pepe and Bonk are approaching their recently established all-time highs. However, older memecoins Dogecoin and Shiba Inu remain approximately 50% below their record highs, set in April and October 2021, respectively.
Memecoin Market Capitalization: According to CoinGecko, the overall memecoin market capitalization has decreased by 0.8% over the past 24 hours. Conversely, the GM 30 Index, representing a collection of the top 30 cryptocurrencies, has seen a slight increase of 0.03% to reach 145.64 during the same period.
Bitcoin’s Momentary Surge: Yesterday, Bitcoin briefly surged to a new all-time high above $69,000, marking the first time in 846 days. Presently, Bitcoin is trading at $66,952.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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