Surprisingly, the cryptocurrency market has embraced “extreme greed,” as seen by the widely-followed Crypto Fear & Greed Index, which rose to 73 from yesterday’s rating of 65.
This spike suggests a possible market euphoria and a voracious appetite for risk among investors.
CNN’s similar measure, which has likewise consistently returned numbers in the “extreme greed” zone, reflects a feeling that is similar.
Dog with hat takes over DeFi
Profiting from this general mood of joy is Dogewifhat (WIF), a new meme token that is thriving in the Solana ecosystem. Its unusual charm—a Shiba Inu dog wearing a hat—has captured the attention of the cryptocurrency community, inspiring a series of postings with these recognisable components.
Surprisingly, WIF has become the most popular on-chain altcoin (DEX Screener). The Dogewifhat cryptocurrency has had an incredible $40 million in trade volume over the past 24 hours, quickly pushing its market value towards the $200 million level.
Given the rise in WIF, one may wonder if this is a result of the excessive greed that is currently prevalent, if it is the cause of the greed, or if both forces are working together.
Meme tokens like WIF’s success may be a sign of an imminent shift in the market as the crypto market heats up, either a collapse or, at the very least, a slowdown in the present frenzy.
