Dogwifhat made history in the crypto market after becoming the third most valuable memecoin, beating Pepe in the process. In this article, let’s explore the current outlook of the memecoin market, the metrics of Dogewifhat’s current market performance, and the market price differences between Dogwifhat and Pepe.
Memecoin Market Cap Surpasses $70 Billion, Trading Volume at $8 Billion
The memecoin market cap is extending to new levels, with prominent memecoins like Dogecoin, Shiba Inu, and Dogwifhat contributing to these new milestones. According to CoinGecko, the market valuation of this crypto sector surpassed $70 billion, with the trading volume increasing to over $8 billion. Furthermore, the new increase is mainly due to some top gainers in the crypto market, including Shroom, Coinye West, and Broge.
Apparently, they increased over 270%, 110%, and 140%, respectively. Moreover, some of the memecoins have been trending and receiving hype in the crypto market, such as Degen (Base), Dogewifhat, and cats in a dogs world. In all of these, the highlight of the memecoin market is Dogwifhat, which recently overtook PEPE to emerge as the top 3 memecoin.
Dogwifhat Becomes a Top 3 Memecoin, Beating Pepe
According to metrics from CoinGecko, Dogwifhat has become the new 3rd most valuable memecoin in the crypto market, beating PEPE in the process. Apparently, Dogecoin is still leading at approximately $30 billion, while Shiba Inu follows suit at over $17 billion. Then, there comes Dogwifhat, who currently has over $4 billion in market cap, while Pepe is trailing behind at $3.5 billion. In the top 5 memecoin ranking, Floki takes the 5th position, at around $2.4 billion market cap.
Even in terms of trading volume, Dogecoin is still leading the way at more than $2.7 billion. Here, Dogwifhat also beats Shiba Inu and Pepe, occupying the second position at over $900 million. Shiba Inu and Pepe both stay within the $800 trade volume, while Floki has half their value at $400 million.
Dogwifhat Price And Market Performance Helps Beat Pepe
The recent increase in Dogwifhat’s market capitalization and trade volume is primarily due to its price performance and that of Pepe. At press time, Dogwifhat’s price is increasing by more than 13% in the past 24 hours while incurring an additional 85% increase in the weekly chart.
Furthermore, this token’s monthly chart shows an over 400% increase, growing from $0.80 to over $4.6 in the last 30 days. On the other hand, Pepe has had poor performance, with a meager increase of 11% in the weekly chart and only around 190% in the last 30 days.
Conclusion
A new milestone was reached after Dogwifhat surpassed Pepe in the memecoin market cap rankings, reaching more than $4 billion. Even in the trade volume of memecoins, Dogwifhat appeared second at over $900 million, while PEPE had around $3.5 billion market cap and $800 million trade volume, respectively. Apparently, the price performance of WIF is one of the significant contributors to this milestone, increasing by over 400% in 30 days. Will WIF also surpass Shiba Inu in market cap, or is that not possible in 2024?
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from cryptonewsbytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
