Unexpectedly, one of the most popular meme tokens in the Solana ecosystem, Dogwifhat (WIF), has seen a sharp increase in price in the last few hours, climbing by more than 50%. Following its lowest point since December 19, which it reached yesterday at $0.0805, the meme coin had a rapid rebound with a fresh daily candle, taking it back to $0.14 per token.
The peak, however, was short-lived as WIF ran into local resistance, which sparked a sell-off that sent the price down by 9%.
According to DEX Screener, Dogwifhat is presently the third most trending currency over the past 24 hours despite this pullback. With a trading volume of $13.5 million, WIF is the only cryptocurrency that trails Pepe Coin (PEPE) in second place. This is impressive.
On the other hand, Dogwifhat’s overall trading volume, which includes centralised exchanges, has increased to $57.35 million, according to CoinMarketCap statistics, a remarkable 92% gain in only the previous day.
“Hat stays on”
Dogwifhat is unique as it is linked to an actual Shiba Inu wearing a hat, which is different from the more conventional cartoonish meme method. The dog-in-a-hat meme has been going around the internet since 2020, but because of the unexpected price increases of SOL and BONK, it has gained renewed interest in the form of WIF.
Dogwifhat is a force to be reckoned with in the ever-increasing meme currency environment, and with a current capitalization of $128.43 million, it looks like it might be a candidate for the 10th largest meme coin in the crypto market.
