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Crypto Traders Discuss Why Memecoins Have Been 2024’s Most Profitable Narrative

Journalist and host Laura Shin interviewed crypto traders Ansem and Kel, known on X as blkoiz06 and Kelxyz, for her Unchained Podcast.  They discussed why memecoins had become the most profitable crypto trade this cycle and what the future might hold for the sector.

Is There Value In A Memecoin?

To begin with, Shin asked the traders whether there was substance in tokens based on memes, as it has been a big argument against them. To Ansem, people “think too hard” about the value of memecoins as projects. Moreover, he considers there’s no real gain in comparing whether other altcoins deserve or have more value than meme-based tokens.

Ansem further explains that the crypto community is “very internet-centered,” with its members being “internet people” since crypto’s origin.  As a result, the community is knowledgeable about the financial aspect but is also knees-deep in online culture.

The trader believes “there’s value in memes and culture on the internet.” People in the community are “financializing” meme virality and realizing that it’s a possibility with crypto.

Shin jokingly added that if this trend had been popular in 2016, the Drake meme creator would be a “bazillionaire” by now. The host seemingly referenced the still-popular meme that originated from Drake’s Hotline Bling music video.

Agreeing with this argument, Kel asserted that, over the last 20 years, many trillion-dollar businesses have capitalized attention as their “winning trade businesses idea.”

All these trillion-dollar businesses (…) facilitate directing attention and the way they’ve done that successfully has been, oftentimes, via memes. One could even make the argument that memes are the core engine of the entire Internet.

The Risks And Criticisms Of Memecoin Mania

To understand why memecoins have become the narrative of Q1 2024, the traders discussed the risks and arguments against the tokens.

One of the biggest criticisms of memecoins is their high-risk nature. Because they are much smaller and not backed by institutional money, they can “be riskier” and “more easily go to 0.”

Despite this, traders consider that many investors, especially new ones, find memecoins attractive because they have the potential to give 100x to 1000x returns.

Moreover, losing money is not exclusive to memecoins. To illustrate his point, Ansem compared the people who bought Doge’s top to those who bought Bitcoin at $69,000 last cycle before it fell to $15,000.

To the trader, how much a token can drop and investors buying the top is part of the general market dynamics instead of a characteristic of memecoins. However, he clarifies that there is better criticism of the sector.

Ansem considers the shady behavior behind the projects’ teams a crucial issue to address. To him, a framework could prevent creators from controlling a large supply of the tokens and dumping them immediately after launch or rug-pulling investors.

In the replies to the podcast, a user argued that the reason behind the recent frenzy is driven by “the Financial nihilism and the lack of liquidity that the youth has.” Adding that investors are “Buying a mere coin is like a lottery ticket.”

It is worth mentioning that trading memecoins like lottery tickets is not an unseen phenomenon. On-chain research platform Lookonchain recently reported a trader seeing 4,906x gains in one day by precisely doing that.

Per the report, the trader invests 0.1/0.2/0.3 SOL for each memecoin. Yesterday, the investor turned $30 into $147,000 by turning 0.2 SOL into 2 million AGORA.

What’s In Memecoins’ Future?

When asked what is in store for the sector, both traders concurred that memecoins are not going away. To Ansem, the community behavior towards memecoins is like that of NFTs last cycle. With NFTs, investors felt like they were part of a community and were working towards developing it.

The shared experience of relating is another crucial factor in the craze of meme-based tokens, as seen in communities of tokens like Dogwifhat (WIF).

Adding to that idea, Kel asserted that “all memes will become coins” in the next ten years.  Moreover, the trader wouldn’t be surprised if “the creation of a meme was natively financialized” by then, as the trend of financialization of things continues to increase.

Ultimately, he believes the sector is in the early stages of this trend as the community tries to “capture the moment of a meme” and capitalize on it now that crypto has made financialization “trivial from a tech perspective.”

crypto, crypto market cap, memecoins

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Solana Memecoin Hits $320 Trillion Market Cap, But There’s A Catch

The Solana memecoin frenzy has made many investors score a home run or be out of the game this cycle. Traders are looking for new projects that could be the next hit while the market enters a new re-accumulation phase.

Solana Memecoins’ New Strike

Memecoins have been the narrative of this bull cycle. As a result, those who wanted to make big profits mainly invested in newly launched projects. While some have made millions by trading the week’s top gainers, others have lost significant amounts trying to climb the ladder.

Solana-based memecoins have been the most popular, with some, like dogwifhat (WIF) and cat in a dog’s world (MEW), leading the way. However, not all projects have achieved recognition and support for these tokens.

A considerable number of the Solana memecoins launched in the last two months have left investors empty-handed. The latest culprit is the recently launched Bonk Killer (BONKKILLER), which became the hottest topic on Monday for the wrong reasons.

The token surpassed the $100 trillion market capitalization only a few hours after launching. Nonetheless, the reason behind what could have been the most impressive feat in crypto history is no other than a honeypot scam.

solana memecoin, crypto, memecoin

As reported by SolanaFloor, the memecoin is a scam token that attracts investors with high-profit potential but prevents them from selling their holdings. Many realized they couldn’t move their tokens only after the project’s creator activated the “freeze authority.”

This action allowed the creator to avoid selling the token, which skyrocketed the market capitalization metric to $328 trillion. According to analytics platform Birdeye, the Solana-based memecoin registers a $318 trillion market cap at the time of writing.

It’s worth noting that the token isn’t backed by the amount reflected in the metric. As one X user pointed out, the token is worthless if you cannot sell it.

Half A Million Stolen By Memecoin Scammer

Unfortunately for investors, the creator didn’t use the freezing authority to boost the token’s market cap. The scammer took advantage of the function and stole nearly half a million dollars in BONKKILLER and SOL tokens.

The creator, who holds around 90.8% of the total supply, removed 30,500 BONKILLER and 1,561 SOL, worth around $420,000. According to Birdeye data, the token is valued at $32.81 as of This writing.

Even after the community’s warning, some investors continued to buy the project. In the last 12 hours, investors have spent nearly $40,000 on the token. As some X users pointed out, the false market cap might be misleading inexperienced investors into buying the memecoin.

Although it’s not the first scam of this type, the increasing rate of new launches turning fraudulent seems alarming. As reported by NewsBTC, $27 million vanished over the last month after 12 projects were abandoned by their creators.

Ultimately, this incident highlights the importance of thoughtfully researching a project’s background and carefully deciding whether the possibility of massive gains outweighs the risks.

Crypto market cap

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After WIF, BONK, BODEN: Top Crypto Trader Now Buys These 2 Memecoins

Memecoins are once making waves in the crypto market. In the last 24 hours, 4 of the 10 best-performing cryptocurrencies in the top 100 are meme coins. The biggest gainers include BONK (+10.2%), PEPE (+4.8%), WIF (+4.7%) and FLOKI (+4.1%). With meme coins slowly regaining, crypto traders are seemingly focusing on lesser-known coins.

Top Crypto Trader Focuses On These 2 Memecoins

According to data from on-chain analysis service Lookonchain, the renowned crypto trader known as “paulo.sol” has been making significant moves into new memecoin territories. Paulo.sol, who has previously amassed substantial profits from meme coins like BONK, WIF, and BODEN, is now shifting his focus to acquiring significant stakes in PUPS and POPCAT.

Lookonchain’s recent posts on X (formerly Twitter) provide a deep dive into paulo.sol’s past and present investment patterns. “What a legend! Paulo.sol has realized profits of $9.51M on WIF, $7.04M on BODEN, and $6.28M on BONK,” Lookonchain tweeted. In total, the crypto trader has made $22 million in realized profits.

The posts further reveal that paulo.sol bought into BONK early in November 2023, capturing substantial gains as its value surged. “As early as Nov 11, 2023, paulo.sol noticed the rising of BONK and bought BONK. He made ~$6.28M by buying BONK at low prices and selling at high,” the data provider stated.

The crypto trader continued his strategy by investing in WIF and BODEN in December 2023 and March 2024, respectively, following their sharp price increases. Notably, “paulo.sol did not buy WIF and BODEN when they first went online, but paid attention to and bought heavily when they first rose sharply,” Lookonchain observes.

As of now, paulo.sol continues to hold 12.87 million BODEN tokens valued at approximately $7.6 million and 1.87 million WIF tokens worth around $5.7 million. However, his most recent activities show a pivot towards new meme coins, PUPS and POPCAT, sparking interest among investors and analysts alike.

Lookonchain noted, “We noticed that paulo.sol is buying PUPS and POPCAT recently. He spent $1.77M to buy 4.3M POPCAT at $0.42 today. And he has spent $5.97M to buy 101,712 PUPS at $59 since Apr 11, becoming the largest holder of PUPS on Solana.”

The impact of paulo.sol’s investment has been palpable in the market dynamics of the newly favored meme coins. Despite a general downturn in the memecoin sector, POPCAT’s price surged by 52% today, trading at approximately $0.51 with a trading volume increase of 51% to $166 million. Over the past nine days, POPCAT has risen a whopping 410%.

On the other hand, PUPS is seeing a price drop of 4.2% today, trading at $36.96, with a 27% fall in trading volume to $2.82 million. Since reaching an all-time high above $152 on April 14 (on Coinex), the PUPS price is down more than 78%.

PUPS price

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Solana Memecoins WIF And BONK Explode By Double Digits: Key Reasons

Two Solana-based memecoins, Bonk (BONK) and Dogwifhat (WIF), have registered substantial gains over the past 24 hours. BONK recorded a 35% increase, while WIF climbed by 19%, positioning them among the top three gainers in the top 100 cryptocurrencies by market cap today. Only Hedera Hashgraph (HBAR) surpassed them, with a notable 44% rise during the same period.

Resolution Of Solana’s Congestion Issues Spurs Memecoins

The significant uptick in these Solana memecoins is closely linked to the recent improvements in the Solana network’s performance. A tweet from SolanaFloor earlier today indicated, “BREAKING: Solana’s congestion issues have been completely resolved, with block production back to normal. Transactions confirming in under 2 seconds.” This announcement marks a pivotal moment for the network which had been plagued by congestion issues.

On April 15, Solana developers rolled out crucial updates designed to alleviate these problems, urging validators to adopt version v1.17.31. This version introduces changes in the treatment of validators based on their stakes. Further enhancements are anticipated with the release of version v1.18 next month, which will include a new scheduler, albeit disabled by default.

Andrew Kang, founder of Mechanism Capital, remarked a few days before the fix, “Let’s also not forget that the Solana congestion issues have weighed down SOL and Solana-based memecoins significantly. It’s not a question of if but when the network is significantly improved. That’s your springboard.” Kang’s comments now seem prophetic as the resolution of network issues has indeed acted as a springboard for memecoin valuations.

Specifics On Rally Of Dogwifhat (WIF) And BONK

The price of WIF soared to a 24-hour high of $3.43 on April 24, buoyed by an impressive 96% increase in trading volume. This influx was fueled by notable acquisitions from whales like Ansem, who capitalized on the positive market sentiments.

The breakout above the resistance level at $3.18, after a week of sideways trading between $1.97 and $3.18, was a significant trigger. WIF formed a two-week-long ascending triangle, a bullish chart pattern that indicated a continuation of the previous upward trend. The breakout was widely discussed in the crypto community, with trader Bluntz Capital confirming the pattern’s resolution and sparking further bullish sentiment.

BONK is registering a dramatic 35% rise, with a remarkable 304% increase in trading volume. The price action successfully breached the 0.236 Fibonacci retracement level at $0.000020727, and continued its upward trajectory to the 0.5 Fibonacci level, signaling strong buying interest and bullish momentum.

This rally probably gained additional support from the recent listing of BONK by the global neobank Revolut, which was announced on April 22. This inclusion in Revolut’s trading platform, which features over 150 digital currencies, provided significant exposure and legitimacy, further enhancing investor interest and market activity around BONK.

BONK price

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Hedge Funds Fall For The Memecoin Frenzy: “Mind-Boggling” Returns Tempt Financial Giants

In a recent Bloomberg report, it has come to light that the hedge fund industry is increasingly drawn to the allure of the memecoin sector, given the recent price increases and substantial profits that surpass those of Bitcoin (BTC) or the largest altcoins in the market.

Memecoin Mania

One example of the appeal of memecoins to traditional finance institutions is Newport Beach-based Stratos, which launched a liquid fund with the Dogwifhat token in December. 

The Solana-based memecoin Dogwifhat, known for its mascot – a beanie-wearing dog – became a major player in the crypto world, with its price increasing more than 300 times. 

This substantial spike reportedly helped Stratos achieve a staggering 137% return in the first quarter of 2024, outperforming gains in the broader crypto market. However, Dogwifhat has since retraced more than 35% from its March 31 all-time high (ATH) of $4.83 and is currently trading at $3.09.

Interestingly, Stratos is not alone in venturing into memecoins; other hedge funds are also doing so. 

Asset manager Brevan Howard, for instance, has reportedly made a “tiny” investment in memecoins. Pantera Capital, a crypto fund, recently emphasized the staying power of memecoins and the “enormous” trading opportunities they present. 

Is It Just Gambling?

Despite the enthusiasm from some hedge funds, the report notes that many crypto participants remain skeptical of memecoins. 

Quinn Thompson, the founder of Lekker Capital, a hedge fund experimenting with trading memecoins, likened the current frenzy to the speculative fervor seen in traditional markets with stocks like GameStop. 

In addition, Thompson described memecoins as the “tip of the spear for speculation” and emphasized the “gambling-like” nature of their trading.

Still, Cosmo Jiang, a portfolio manager at Pantera Capital, noted the evolution of memecoins beyond mere jokes, calling some “culture coins” that symbolize membership in a particular group or belief system. 

The report notes that the ease of creating and launching memecoins has increased with the availability of apps like Pump.fun, which allow users to mint coins in minutes. Blockchains like Solana and Coinbase’s Base, which offer low trading fees, have been flooded with these tokens. 

In light of these developments, Josh de Vos, research lead at CCData, highlighted the improved infrastructure supporting memecoins, including increased liquidity and the development of advanced futures markets on centralized exchanges (CEX). 

As more hedge funds take memecoins seriously, Rennick Palley of Stratos anticipates a growing focus on these crypto assets. 

Drawing parallels to the initial skepticism surrounding cryptocurrencies, Palley suggests that meme-only funds may emerge, mirroring the creation of non-fungible token (NFT) funds.

To further demonstrate the interest and adoption of these emerging tokens, in the first quarter of 2024, memecoins emerged as the most profitable crypto narrative, delivering massive average returns of 1312.6% across its top tokens, according to a recent study conducted by CoinGecko.

Memecoin

Currently, the largest memecoin on the market, Dogecoin (DOGE), is trading at $0.1616, up 5% in the last seven days. It has a market cap of $23 billion. 

Featured image from Shutterstock, chart from TradingView.com

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Dogwifhat To The Vet! Meme Coin Needs Medical Attention After Price Plunge — Analyst

Dogwifhat (WIF) witnessed a sharp decline, with its price plummeting by nearly 20% over the past 24 hours. This latest downturn marks a continuation of the downward trend that began in late March, culminating in a significant 40% decrease.

Analysts Raise Concerns: ‘It Needs To See A Vet’

The drastic price drop has prompted analysts to voice their concerns, with one commentator humorously remarking, “It needs to see a vet.”

The analogy underscores the severity of the situation, suggesting that Dogwifhat’s current state requires careful attention and intervention.

While the surge in trading volume may signal short-term interest, analysts remain cautious, emphasizing the need for a thorough assessment of the coin’s health.

Mixed Predictions: Uncertainty Looms Over Dogwifhat Future

Amidst the uncertainty, analysts are divided on the future trajectory of Dogwifhat. Some foresee a continuation of the bearish trend, anticipating further dips in the coin’s value.

However, others adopt a more optimistic stance, suggesting that while short-term challenges persist, Dogwifhat may offer significant returns in the long run.

One analyst predicts a period of ranging for WIF, followed by a stronger pump, hinting at a potential summer resurgence for the embattled coin.

According to CoinMarketCap data, Dogwifhat overtook Pepe (PEPE) on March 29 to take the third spot as the largest meme coin in terms of market capitalization.

But Dogwifhat’s elation turned out to be fleeting. In comparison to the meme coin market as a whole, the Solana meme coin category, which included WIF, saw a more severe decline.

This implies that conditions unique to Solana meme currencies, like as network bottlenecks or worries about the capacity of the platform, may be causing the price decline.

Other Meme Coins Take A Hit

Meanwhile, as the fate of Dogwifhat hangs in the balance, its decline has reverberated across the meme coin landscape, impacting other notable cryptocurrencies in the market.

Coins like Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), Floki (FLOKI), and Bonk (BONK) have all registered significant dips in the wake of WIF’s downward spiral.

The interconnectedness of these meme coins underscores the volatility inherent in the cryptocurrency market, where price movements in one asset can trigger cascading effects across the ecosystem.

Featured image from Pexels, chart from TradingView

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From Hat To Heights: Dogwifhat’s $17 Crypto Leap Electrifies Investors

Dogwifhat (WIF) has been on a wild ride this week. As of Tuesday evening, its value surged by nearly 10%, however, the canine-inspired cryptocurrency could not sustain the momentum and by Wednesday, it lost 14% of its value.

Dogwifhat’s Aggressive Rise And Sudden Dip

The rollercoaster ride began with a bang. Dogwifhat, a newcomer to the meme coin scene built on the Solana blockchain, quickly drew investor interest. Its lighthearted name and association with the ever-popular dog meme trend fueled a buying frenzy, pushing its price up by double digits. This bullish sentiment echoed a wider trend in the meme coin market, which saw a 1.5% increase over the past week.

WIF’s price has risen by 90% during the past month, adding an enormous $0.32 on average to its present price tag. This rapid rise indicates that if the coin keeps growing, it has the potential to become a reliable asset.


WIF price action in the last month. Source: CoinMarketCap

On March 29, Dogwifhat surpassed Pepe (PEPE) to become the third-largest memecoin by market capitalization, according to CoinMarketCap data.

However, the euphoria surrounding Dogwifhat proved short-lived. The broader Solana meme coin category, which includes WIF, witnessed a steeper decline compared to the overall meme coin market. This suggests factors specific to Solana meme coins, possibly network congestion or concerns about the platform’s scalability, might be contributing to the price drop.

Dogwifhat’s Future: A Lofty Prediction, But Is It Realistic?

Despite the recent dip, some analysts remain optimistic about Dogwifhat’s future. Changelly, a leading on-chain metrics and price prediction firm, has released a forecast that has set tongues wagging. Their prediction? Dogwifhat could reach a staggering $17 in the near future, representing a potential surge of a whopping 300% from its current price.

This rosy picture, however, comes with a hefty dose of caution. The cryptocurrency market is notorious for its volatility. Meme coins, in particular, are known for their meme-driven price fluctuations, often lacking the underlying utility or strong fundamentals found in established cryptocurrencies. While the potential for massive returns in meme coins exists, so too does the risk of significant losses.

On Bugs And Project Postponements

Meanwhile, as additional projects and customers have joined its ecosystem over the past month, Solana has experienced network congestion.

Anatoly Yakovenko, the co-founder of Solana, talked about the difficulties of “dealing with congestion bugs” on Twitter last Thursday. As a result of the congestion problems, several cryptocurrency projects have postponed token launches in the past few days.

Reportedly, developers of Solana have scheduled the deployment of a patch for a “implementation problem” that has caused the network’s transaction failure rates to skyrocket on April 15.

According to Helius Labs CEO Mert Mumtaz, the current problem with the network is not a “design flaw,” but the “implementation bug.”

Featured image from Bybit, chart from TradingView

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Dogwifhat (WIF) Flips PEPE As The 3rd Largest Memecoin After Hitting $4

Memecoins are again in the spotlight as some of the most popular dog-themed tokens performed remarkably during this bull cycle. Dogwifhat (WIF), Floki Inu (FLOKI), and Dogecoin (DOGE) have done impressive numbers this month.

WIF’s market capitalization skyrocketed to almost $4 billion, surpassing PEPE and taking third place as the largest memecoin in the market by this metric.

Hats On, Is WIF Going To The Moon?

Yesterday, WIF’s price increased 32% in half a day, setting a new all-time high (ATH) of $4. Simultaneously, its market capitalization jumped from $3.04 billion to $3.98 billion, according to CoinMarketCap data, which represents a 30% increase in the same timeframe.

This remarkable performance saw dogwifhat flipping PEPE as the third largest memecoin by market cap, now ranking just below Dogecoin and Shiba Inu (SHIB) in this category.

WIf, crypto

As reported by EmberCN, this performance gave wifto100billy.sol, the largest WIF holder, $134 million in unrealized profits. This whale bought 37 million WIF for approximately $9.33 million at an average of $0,248. When it reached its ATH price of $4, the wallet saw a 1440% gain on the inversion.

Since then, WIF’s market cap has decreased to $3.65 billion, which still represents a 15.25% increase from 24 hours ago and remains above PEPE’s $3.82 market cap.

Similarly, WIF saw an 8.5% correction from its ATH price. At the time of writing, the token changes hands at $3.66, a 20% increase in 24 hours. Moreover, WIF’s market activity skyrocketed by 70%, with its daily trading volume reaching $808.4 million.

Dogwifhat Shows “Organic” Growth, But What’s Going On With Memecoins

Dogwifhat is one of the newest players in the market, and it has accomplished incredible achievements since its launch in November 2023. The token has amassed a loyal community that seems to be focused on bringing the project “to the moon.”

After putting on their hats, WIF investors raised over $700,000 in a few days as part of its Las Vegas Sphere project, displaying the community’s extent. Furthermore, Cryptonary’s CTO, Asad Saddique, revealed in an X post that Dogwifhat has recently reached 100,000 “organic” holders.

Nonetheless, the divisive memecoin presale frenzy has created a fear of fatigue from overexposure to these tokens, with some investors arguing that memecoins are taking a turn for the worse. Despite this, interest has not faded away.

Ethereum’s founder, Vitalik Buterin, recently published a blog post titled “What Else Could Memecoins Be?” In the post, Buterin discussed the current state of the memecoins landscape and expressed his “disappointment” that innovation is not driving these projects to the market.

Just this month, many controversies have surrounded the crypto community regarding memecoins, including the appalling launch of racist and antisemitic tokens.

Undoubtedly, the memecoin market is broad, diverse, and full of enough potential that projects can develop and grow a strong community. Still, it appears efforts from projects working to be more than a meme are overshadowed by the controversial actors in the market.

crypto, WIFUSDT

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Solana’s Biggest Memecoin Gains Over $680,000 In 3 Days As Investors Bet On Its Popularity

Over the past day, the cryptocurrency and memecoin market has experienced a significant downturn, marked by Bitcoin’s sharp decline from $73,750 to as low as $67,620, leading to a broader slump in altcoins and a nearly 6% decrease in the total crypto market capitalization, which now stands at $2.8 trillion. However, amidst this volatility, Dogwifhat has emerged as a notable exception.

Despite the overall market turbulence, Dogwifhat has demonstrated remarkable strength and resilience, witnessing a surge in its value from $2.90 to a peak of $3.50, with its current trading price at $3.20.

This surge in value is indicative of a broader trend for WIF, which has seen a remarkable 70% increase in price over the past week and an astounding 800% surge over the course of this month.

Dogwifhat (WIF) has emerged as an unlikely hero, defying the odds and wagging its pixelated tail all the way to the top of the Solana meme coin food chain.

From Humble Beginnings To Sin City Lights

Dogwifhat, sporting a logo featuring a Shiba Inu sporting a stylish knit cap, started as just another meme coin vying for attention in the crowded digital landscape. However, a recent community-driven fundraising campaign propelled WIF into the spotlight.

By collectively raising over $680,000, the Dogwifhat faithful secured a prime advertising spot – a giant image of their beloved canine mascot plastered across the dazzling Las Vegas Sphere. This audacious move, fueled by internet enthusiasm and a dash of canine cuteness, sent shockwaves through the crypto-verse.

Memecoin Mania On Solana’s Speedy Blockchain

Solana, a blockchain known for its blazing-fast transaction speeds and lower fees, has become a breeding ground for meme coins. Dogwifhat exemplifies this trend.

Unlike its meme coin cousin Dogecoin, which operates on its own blockchain, WIF leverages Solana’s technological prowess. This translates to a smoother trading experience for users, with minimal transaction fees and the ability to seamlessly interact with other blockchain ecosystems.

Industry experts like Ryan Selkis, CEO of Messari, point to these features as key differentiators for Solana, making it a prime playground for the next generation of meme coins.

Dogwifhat: More Than Just A Pretty Shiba Inu?

The astronomical rise of Dogwifhat has sparked conversations about its potential to transcend its meme coin origins.

Proponents argue that WIF’s association with the fast-growing Solana network and its focus on community engagement could pave the way for a more substantial role in the world of decentralized finance (DeFi).

The project itself claims to be “the most sophisticated meme coin ever made,” hinting at potential future developments beyond just viral appeal. However, skeptics remain cautious, highlighting the inherent volatility of meme coins.

Featured image from Meme Arsenal, chart from TradingView

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Crypto Analyst Optimistic About A Shiba Inu Short-Term Surge To $0.000066

Shiba Inu (SHIB) has displayed immense momentum lately standing out as one of the best-performing meme coins in light of the general optimism that took over the cryptocurrency market in the last week.

Shiba Inu To $0.000066 Could Be Possible In A Short Time

With the price of Shiba Inu rallying in the past few days, the crypto asset has garnered significant attention from investors as several experts predict a rise to new yearly highs.

In the same vein, cryptocurrency analyst and investor Rekt Capital has shared his optimistic prediction for Shiba Inu with the crypto community on the social media platform X (formerly Twitter), fueling hope of notable gains in the short term.

Rekt Capital’s analysis underlines the digital asset’s potential to soar higher to a level not seen for more than 2 years. The crypto analyst pointed out that SHIB arrived at a resistance he dubbed “Black Resistance,” which it previously rejected.

Shiba Inu

As a result, the meme coin must now “maintain the blue level” indicated in his chart as fresh support in order to create a “new Re-Accumulation Range at the highs possibly.” Due to this, the expert expects Shiba Inu to rise to the $0.000066 price level shortly.

The post read:

Shiba Inu Reached the black resistance which SHIB rejected from. Now SHIB needs to hold this blue level as new support to potentially develop a new Re-Accumulation Range at the highs.

Rekt Capital also highlighted another of his earlier forecasts, in which he projected the coin to reach the aforementioned price mark. At first, Rekt Capital noted that the asset had reached the blue resistance point.

Furthermore, he asserted that SHIB has increased by over 300%, since the initial post from November last year. In the post, the analyst claimed that SHIB regained the Orange area’s top as a support.

Consequently, SHIB ought to be able to return to the pinnacle of its “black market structure over time.” However, he presently anticipates Shiba Inu to undergo a rally after it concludes its “Macro U-shaped reversal.” 

SHIB Anticipated For A Potential Rebound

Amid the recent bearish sentiment around the market, Santiment – a crypto analytics platform, has identified SHIB as one of the leading assets that is poised for a potential recovery.

Data from Santiment shows that SHIB and dogwifhat (WIF) are the major coins expected by traders to undergo a rebound. This comes after the wild day that saw Bitcoin reach a new peak before markets went into a “reset mode.”

Santiment has also underscored a “speculative bullishness” for Solana (SOL) lately. This is a result of the speculation surrounding Solana’s potential to reach the $1,000 threshold.

SHIB at the time of writing was trading at $0.00003155, indicating a drop of 13% in the past day. Meanwhile, its market cap and trading volume are both down by 13% and 62% respectively.

Shiba Inu

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Binance WIF Hat: Dogwifhat Listing Announcement Skyrockets Price 25% To New ATH

Binance just announced the listing of Dogwifhat (WIF), the Solana-based coin climbing up in the memecoins ranking. The price of the dog-themed coin positively reacted to the announcement news and reached a new all-time high.

WIF Now Trading On Binance

Today, Binance announced the highly anticipated listing of Dogwifhat. WIF has been experiencing a crazy bull run the past few weeks that has catapulted the coin even higher after the memecoin frenzy that started over the weekend.

The largest crypto exchange revealed that the listing and open trading of the supported Spot Trading Pairs would occur today at 14:00 (UTC). Additionally, withdrawals will be available on March 6 at 14:00 (UTC).

According to the announcement, the new Spot Trading Pairs available on Binance are WIF/BTC, WIF/USDT, WIF/FDUSD, and WIF/TRY.

The exchange warned users about the “higher than normal risk” of WIF’s price volatility. Due to its relatively new token status, it suggested that investors do their research before deciding to trade the token.

Moreover, Binance announced that the Seed Tag will be applied to WIF. This tag labels the coin as an “innovative project that might exhibit higher volatility and risks than other listed tokens.”

As a result of the Seed Tag, users will need to pass the corresponding quizzes every 90 days on the Binance Spot and Binance Margin platforms to gain trading access to WIF. The quizzes, as the Binance support page reads, are set up to ensure the user’s awareness of the risks of a token before trading it.

The Hat Stays On

Dogwifhat has gone on a “turbo parabolic” rally since late February. This rally has gained the dog-themed coin traditional media acknowledgment.

Recently, a Bloomberg host name dropped WIF, alongside PEPE, when discussing whether the “era of the memecoin is back” on live TV.

Undoubtedly, WIF’s performance has been notable after the memecoin market pullback from a few weeks ago, when WIF was experiencing a 30% price decrease in the 7-day timeframe.

At the time, Dogwifhat was the 196th largest cryptocurrency by market cap, according to CoinGecko data. After investors wore several hats, the memecoin climbed to 64th in two weeks.

WIF dogwif binance WIFUSDT bloomberg meme coin

Following the announcement, WIF’s price of $1.51 skyrocketed to a new all-time high of $1.90. This price increase represented a 25.8% surge in an hour.

Consequentially, the market activity for the dog-themed coin increased 81.17% in the last 24 hours, with a trading volume of $657.2 million, according to CoinMarketCap Data.

At the time of writing, Dogwifhat has seen an 8.2% price drop from its new ATH mark in the past hour. With a market capitalization of $1.7 billion, 2.2% down from the day prior, WIF is the fifth largest memecoin by this metric. The current price of $1.74 still represents a 2% gain in a 24-hour timeframe.

WIF, WIFUSDT

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Solana Meme Coin Dogwifhat (WIF) Hits New ATH, Market Cap Breaks $1.6 Billion

The world of meme coins, the often-controversial corner of the cryptocurrency market, is experiencing a surge in early March 2024. Led by the unexpected rise of Dogwifhat (WIF), several meme coins have seen their market capitalization explode, attracting significant investor interest.

Dogwifhat: Meteoric Ascent

Dogwifhat, a dog-themed meme coin launched on the Solana blockchain only three months ago, has become the undisputed champion of the recent rally.

WIF reached a staggering all-time high of $1.50 on major exchanges, surpassing established meme coins like Floki (FLOKI) and even exceeding its market capitalization in less than a quarter to an impressive $1.6 billion.

This rapid rise has fueled speculation that WIF could potentially join the ranks of the top five meme coins, currently occupied by Dogecoin (DOGE), Shiba Inu (SHIB), Pepe (PEPE), and Bonk (BONK).

Factors Fueling The Meme Coin Mania

Several factors are believed to be contributing to the current meme coin frenzy. One key factor is the renewed interest in the Solana blockchain, with its transaction speed and scalability attracting investors.

Additionally, the “evergreen” popularity of meme coins, fueled by online communities and viral trends, continues to play a significant role. This trend is often driven by “narrative-led investors” who base their decisions on hype and community sentiment rather than underlying fundamentals or long-term utility.

Dogwifhat: Meme Coins Show Promise

At the beginning of March 2024, the market for meme coins is experiencing explosive growth. Following a 35% gain in price over the course of the previous night, it broke beyond the $40 billion capitalization mark today. According to the data provided by CoinGecko, the total trade volume comes in at approximately $16 billion.

Concerns And Cautious Optimism

While the current rally paints a picture of a thriving meme coin ecosystem, experts urge caution. The rapid rise of coins like WIF raises concerns about the inherent volatility of the market.

The lack of underlying utility or established use cases for many meme coins makes them highly susceptible to market fluctuations and potential crashes. Additionally, the article avoids mentioning the regulatory uncertainties surrounding meme coins, which could pose further challenges for their long-term viability.

Looking Ahead: Sustainable Growth Or Short-Lived Hype?

The future of Dogwifhat and the broader meme coin market remains uncertain. Whether WIF can maintain its position in the top ranks or join the graveyard of forgotten meme coins remains to be seen.

While the current surge has undoubtedly captured investor attention, it’s crucial to remember the speculative nature of this market and the potential risks involved.

Featured image from Mudrex, chart from TradingView

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Dogwifhat What? Memecoin Barges Into 86th Spot With 320% Rally – What’s Going On?

The strong ascent of Dogwifhat (WIF) has made it stand out among cryptocurrencies and captivated investors. Crypto markets are gearing up for the first weekend of the month, and memecoins in particular are showing strong signs of positive momentum.

Amidst the increased hope, the meme coin based on Solana experienced an incredible 320% rally last week, propelling WIF to the top 100 cryptos from a valuation of $1 billion or more. However, why has this ascent been so rapid?

Dogwifhat’s Rise: Bulls In Action

At the time of writing, the price of Dogwifhat had increased 35% to $1.20, and its trading volume had surged 75% to $388 million. Over the past day, the value of one WIF token has fluctuated between $0.83 and $1.32.

Withstanding sufficient bullish and bearish pressures, WIF has been trading within an ascending parallel channel since its debut. In spite of this, bulls should be prepared to fight fiercely against any bearish pressures that may arise.

As a result, we anticipate that the WIF price will first reach $1.5 after continuing its upward consolidation along the parallel channel’s upper resistance. If the bulls keep on their momentum, getting to $2 might not be too difficult for dogwifhat pricing.

Robinhood Europe’s IPO of the WIF token occurred at the same time as Dogwifhat’s stratospheric ascent in the cryptocurrency hierarchy. European customers of Robinhood can now trade WIF in addition to a plethora of well-established tokens, such as XRP, Cosmos, and Polkadot.

The anticipation for the Robinhood listing was reaching a peak, and former BitMEX CEO Arthur Hayes was among the many who took to social media to voice their opinions.

X influencer “OSF” has fueled rumors that other major exchanges like Coinbase, Binance, or Gemini may soon join Robinhood in listing Dogwifhat, which is a huge deal for everyone.

Whale Confidence Boosts Dogwifhat’s Surge

Separately, Lookonchain, an on-chain data source, uncovered substantial whale activity in the WIF area. A large investor recently bought more over 673,000 WIF tokens at $1.36 each after withdrawing around $918,000 worth of Solana from Binance.

Also, this whale has clearly seen the potential in WIF; he has spent $2 million to buy 2.82 million tokens at $0.71 each, demonstrating his faith in the project. This whale’s activities, which resulted in an unrealized profit of almost $1.35 million, add to the positive attitude around dogwifhat (WIF) and its prospects for significant gains in the coming months.

Featured image from Pexels, chart from TradingView

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Who Let The DOGE Out? Dog-Themed Coins Soar By 12%, WIF And FLOKI Lead The Way

The crypto market seems to be going nowhere but up. Bitcoin nears $60,000, Ether has been surfing above the $3,000 wave for four days, currently sitting at the $3,330 level, and the rest of the market continues to gain momentum.

Significant developments and a strong bullish sentiment have built up over the past couple of months, and as a result, the top gainers during this bull run are coming from every sector of the market. This is the case of Dog-themed coins, which currently sit among the cryptocurrencies with the best performance over the last few days.

Dog-Themed Coins Are Soaring

Dog-inspired cryptocurrencies are some of the most popular coins among the crypto community. The trend started with the popular internet doge meme and has inspired some of the most recognizable memecoins in the market.

The largest by market capitalization in this category, Dogecoin, currently stays out of the top ten cryptocurrencies by this metric. However, it has remained close to the top with its 11th place.

The Dog-themed market cap has shown a 12.8% growth in the last 24 hours, as CoinGecko data shows. The sector’s market capitalization sits at an impressive $23.8 billion, and the dog-based coins trading volume reached over $4.25 billion in the last 24 hours.

The chart above shows that the top ten dog-inspired cryptocurrencies display positive performance, with green numbers all over the board in the last 7 days.

Impressive Performance From WIF, FLOKI And More

Dogecoin, Shiba Inu, and Bonk lead the dog-inspired market. However, none of these tokens are among the top five gainers on the last day or week.

At writing time, the coins that have seen the best performance in this category include dogwifhat (WIF), FLOKI (FLOKI), Samoyedcoin (SAMO), Myro (MYRO), and Chihuahua Chain (HUAHUA). Let’s take a look at the 3 top gainers:

Dogwifhat (WIF)

WIF’s price jumped 41.9% during the last day and now trades at $0.7765. Earlier today, the coin’s price recorded a new all-time high (ATH) after reaching $0.79.

Just last week, a crypto analyst predicted that the price of WIF was about to go “turbo parabolic” and possibly reach $1. Fans of the project have shown their excitement by suggesting that investors “keep their hats on” during this leg of the rally.

Dogwifhat’s daily trading volume of $123.5 million represents a 34.30% increase from one day ago. This hints at a recent rise in “hats being put on” after the token has shown an impressive 117.8% and 137.8% price jump in the last 7 and 30 days, respectively.

FLOKI

As previously reported, FLOKI has been soaring after DWF Labs announced its plans to strengthen its partnership with the project. The digital assets investment firm will purchase $10 million worth of FLOKI tokens directly from the project’s treasury over two years.

Since then, the token’s price has risen 37.7% in the last 24 hours. Currently trading at $0.00005973, FLOKI has maintained its gains over the week with an 85.4% price increase. Additionally, its performance recorded a 100.1% jump in the 30-day time frame.

According to CoinGecko data, FLOKI is outperforming the global crypto market with its performance in the last week. Similarly, it has increased its trading volume by 116.6% in 24 hours, with over $382 million.

Chihuahua Chain

Chihuahua Chain surprised the crypto community after becoming one of the largest global earners on the last day. Members of the ‘HUAHUA Army’ speculated if the token would break out of the downtrend seen after the token’s massive pump in December.

HUAHUA experienced a massive 48.4% price jump in the last 24 hours. The token went from its $0.00018 price to trade at $0.0003411. Its daily trading volume massively increased by 140.4% and currently sits at $1.017 million. This performance has been sustained over the last month, as the token’s price has grown 50.3%.

WIF, WIFUSDT

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New ATH For WIF? Analyst Thinks Dogwifhat Will Go “Turbo Parabolic” Soon

The 2024 bullish rally has fueled the resurgence of the cryptocurrency market during the last few weeks. Memecoins have not been the exception, with coins like BONK recently seeing a rally.

Nonetheless, the memecoin market has faced a pullback in the last couple of days, with some of the biggest memecoins, like DOGE and SHIB, showing red numbers. Despite this, an analyst predicted massive gains for dogwifhat (WIF) holders amid the momentary market slowdown.

Dogwifhat Could Reach $1 In Its Next Leg Up

According to the pseudonym trader and analyst Bluntz, dogwifhat could be preparing for a massive price upsurge soon. On February 10, the analyst forecasted the Solana-based cryptocurrency would reach $1.

The trader reaffirmed this prediction in a Tuesday X (former Twitter) post by sharing an updated WIF performance chart. The post highlighted the token’s trajectory before and after reaching its all-time high (ATH) price of $0.47 on Valentine’s Day.

As the chart shows, the memecoin’s price moved from the $0.20 price zone to the $0.38 support level before facing a pullback to the previous zone. In the following days, WIF followed a similar path and climbed to its ATH of $0.47 before retreating again, this time to the $0.38 resistance level.

In the chart, the token shows signals of following the same pattern that led to the performance showcased on February 14. This suggests to the analyst that, if recent history repeats itself, the WIF’s price could go “turbo parabolic” during this next leg.

Additionally, the pseudonym trader considers that this could be a push that will go “crazy” with “no more pulling back at 50c resistance.”

Are Investors Still WIF Their Hats On?

Dogwifhat is a cryptocurrency based on the popular 2019 meme of a Shiba Inu dog wearing a pink crochet hat. The meme began popularizing in social media, especially on X, where the eSports community began using it as a profile picture.

Last year, the meme’s popularity resulted in the creation of a coin with the same name. The cryptocurrency has quickly gained traction, and despite the ups and downs in the months since its creation, the token is currently among the top 5 memecoins by market capitalization. The memecoin is the second-largest Solana-based memecoin, only behind BONK.

As reported by a member of the WIF community, the dog-based cryptocurrency surpassed a total of $2 Billion trading volume on February 19, only 90 days after its launch.

Consequentially, whales have recognized the potential of the memecoin and started accumulating the token in large amounts. On Monday, a whale bought 32,149 WIF tokens at $0.38318, worth around $12,318.9.

Bitcoin, BTC, BTCUSDT

The memecoin has closely followed Bitcoin’s performance in the last 7 days, tracing a similar performance path to that of the largest cryptocurrency, as the chart above shows. However, WIF has been down with the rest of the memecoin market during the last week.

At writing time, the token is changing hands at $0.3265, a 5.4% price decrease compared to its trading price 24 hours ago. Moreover, the memecoin is also 29.02% lower than its ATH, recorded 8 days ago.

The token’s market capitalization is $321.2 million, accounting for a 5.13% decrease in the last 24 hours. WIF is currently the 200th cryptocurrency by this metric.

However, the memecoin’s trading volume has increased 9% in the last day, signaling a recent rise in market activity for WIF.

WIF, WIFUSDT, Dogwifhat