Dogwifhat (WIF), the meme-inspired cryptocurrency, made waves in the market by surpassing PEPE to claim the title of the third-largest meme coin in the crypto market. With its price rallying to $4, Dogwifhat’s market capitalization now stands at an impressive $4 billion, positioning it just behind leading meme tokens DOGE and SHIB. 

WIF Surpasses PEPE

WIF has surpassed PEPE to become the third-largest MEME token by market capitalization. Today, WIF’s price surged past $4, solidifying its position as a significant player in the meme-inspired cryptocurrency space.

Over the past week, WIF has witnessed a remarkable 53% increase, culminating in its recent price rally that propelled it beyond PePe’s market cap. With this surge, the market valuation of Dogwifhat has breached the $4 billion mark. 

Interestingly, PePe’s market cap now stands at $3.27 billion, trailing WIF by approximately $730 million. This achievement underscores the growing popularity of WIF and the increasing confidence among investors in its potential for further growth.

The largest holding address for WIF, identified as 2Fcm…PE6d, has witnessed a staggering profit of $135 million, representing a remarkable increase of 1440%. 

According to data from solscan, the holder of address 2Fcm…PE6d began accumulating WIF tokens in December 2023, with an average purchase price of $0.248. Even though the price has gone up a lot since then, they haven’t sold any yet. This shows that they believe in WIF’s future and are holding onto their investment for the long term.

Analysts Bullish on WIF’s Future

In tweet post Arthur Hayes, former CEO of BitMEX expressing optimism about Dogwifhat (WIF)’s future potential, he believe that WIF’s price could surge past $10 in the coming years.

This bullish outlook is strongly supported by the coin’s recent value spike and its expanding market capitalization.

However, recent data from Coinglass reveals that significant liquidations totaling $2.09 million, with both long and short liquidations contributing to this figure. Despite a slight retreat from its all-time high, the open interest remains up by 29% at $528.6 million.

As investors continue to attract towards meme coins, Dogwifhat’s position as the third-largest meme token is poised to attract even more attention and investment in the days ahead.

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