Dogwifhat en route to $10? WIF is now the third-biggest memecoin as whales hold tight

Dogwifhat (WIF), a Solana-based memecoin, became the third-largest memetoken by market capitalization on March 29, surpassing Pepe (PEPE) token.

WIF price surpasses $4, largest whale not selling

The price of Dogwifhat hit a new all-time high of $4.64 on March 30, before retracing to its current $4.32 mark as of 2:00 pm (UTC), according to CoinMarketCap data.

WIF/USDT, 1-day chart. Source: CoinMarketCap

Following an over 87% weekly rally, Dogwifhat became the third-largest memecoin with a $4.3 billion market cap, surpassing the Pepe token’s $3.4 billion. This makes WIF the 31st largest coin among all cryptocurrencies.

Top Memecoins by market capitalization. Source: CoinMarketCap

Despite WIF rising over 431% during the past month, the largest holder is still not selling.

The wallet is holding a total of $139.5 million worth of WIF tokens, bought at an average price of $0.32, with a current unrealized profit of $127.3 million, according to Coinstats.

Largest WIF holder address. Source: Coinstats

Dogwifhat’s price hit its previous peak of $3 on March 14 after fans raised over $700,000 to advertise the token’s logo on the Las Vegas sphere. WIF’s price rose 25% immediately after the crowdfunding effort was announced.

Related: How high can Bitcoin go? New BTC price prediction sees cycle top at $180K

Can WIF price rally to $10?

Shortly before hitting the $3 mark for the first time, Arthur Hayes predicted that the Solana-based memecoin would rally to the $10 mark. Hayes, the former CEO of BitMEX and current chief investment officer at Maelstrom, wrote in a March 14 X post:

“The hat stays on while I count to $10.”

WIF/USDT, 1-month chart. Source: Arthur Hayes

Dogwifhat is not the first dog-themed memecoin to reach multibillion-dollar valuations despite being based on an internet meme. Dogecoin (DOGE) reached a record $75.2 billion market capitalization in May 2021 and is currently worth $30.2 billion.

Dogwifhat price would be $30.8 per token to match DOGE’s market cap, an eightfold increase, which isn’t uncommon in the memecoin world.

During the 2021 bull market, Dogecoin price rose over 892% in the month leading up to its all-time high, from $0.07433 on April 12, 2021, to $0.7376 on May 6.

DOGE/USDT, 1-week chart. Source: CoinMarketCap

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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