Dogwifhat has recorded over 420% gain in the past month, as it flips Pepe to become the third-biggest meme coin by market capitalization.
Popular Solana-based memecoin Dogwifhat (WIF) has continued its impressive rally, as its price surged to around $4 in the early hours of today. Following its remarkable rally today, the token’s market cap reached a whopping $4 billion.
Although WIF’s price has retraced in the hours leading up to press time, the token still boasts a daily gain of 16.5%, with a unit changing hands at $3.62.
WIF Ranks as Third Biggest Meme Coin
Its market cap is currently sitting at $3.63 billion, making it the third-biggest meme coin and the 41st-largest cryptocurrency in the market.
The milestone currently places WIF behind Shiba Inu (SHIB) and Dogecoin (DOGE) in the top meme coin ranking. Conversely, WIF is now ranked ahead of other meme-based cryptos, like Pepe (PEPE) and Floki (FLOKI), valued at $3.25 billion and $2.35 billion, respectively.
The development comes less than two weeks after Dogwifhat community members raised funds to sponsor a promotion for the token on Vegas Sphere. it appears the move paid off, as the token’s price has recorded substantial gains ever since.
WIF Biggest Holders Not Selling Despite Making Huge Profits
The remarkable surge in WIF’s price has put many investors in huge profit. A notable mention is the profit recorded by one of the largest WIF holding addresses identified as “2Fcm…PE6d.”
According to famous Chinese reporter Colin Wu, amid the price surge, the address recorded a profit of $134 million, marking an increase of 1,440%. Wu revealed that the user behind the address started buying the token in December 2023 at an average cost of $0.248.
WIF's price exceeded $4 today, with a market capitalization of $4 billion, surpassing PEPE and becoming the third largest MEME, behind DOGE and SHIB. WIF's largest holding address 2Fcm…PE6d has a profit of $134 million (+1440%). He started buying WIF in December 2023 with an…
— Wu Blockchain (@WuBlockchain) March 29, 2024
Further investigations carried out by The Crypto Basic show that the address is the third-largest WIF address, with a holding of 37,627,488 (37.62 million) WIF tokens. This represents 3.76% of WIF’s total supply.
Per data from Solana explorer Solscan, leading crypto exchange Binance sits as the largest WIF holder, with a holding of 143,088,036.921841 (143.088 million) tokens or 14.32% of the total supply. The second-biggest WIF address holds 4.26% of the token’s supply (42.6 million tokens) worth $152.51 million.
Despite the substantial gains recorded in the past day, Wu said selling activities have yet to commence for the token. Apparently, investors are expecting the token’s price to surge further.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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