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Dogwifhat (WIF) passed FLOKI (FLOKI) to become the fourth-largest meme coin with a $3.28 billion market cap as meme coin mania erupted in the crypto market.
WIF’s ballooning market cap comes on the back of a 49% price gain in the last 24 hours as it traded at $3.30 as of 05:53 EST time. FLOKI (FLOKI) slipped into fifth place after climbing a smaller 10.7%.
WIF now sits proudly behind Dogecoin (DOGE), Shiba Inu (SHIB), and Pepe (PEPE) at the top of the meme coin leaderboard.
Its impressive rally also took it to a new all-time high and comes as a fundraiser by the Solana community to display the WIF token’s logo on the Las Vegas Sphere raised more than $700,000.
Dogwifhat On The Sphere
Dogwifhat launched the “Sphere Wif Hat” crowdfunding campaign on March 10, which has raised over $700K in USD Coin. The campaign’s initial goal was to raise $650,000 to launch a marketing campaign on the Las Vegas Sphere.
bink! dogwifhat on sphere fully funded ✅ https://t.co/jOmTj5hZnk pic.twitter.com/WTUEgOqVlG
— Ansem 🐂🀄️ (@blknoiz06) March 13, 2024
The fundraiser received much support from the Solana community with Solana-based Phantom Wallet among those that tweeted support for the campaign.
While the marketing campaign might increase retail interest in WIF, it has raised skepticism from some members of the crypto community on X.
The co-founder of Bankless was among those suggesting the development smacked of a frothy top that signals the end of the bull market.
Meme Coin Mania Is Back
Meme coins are spearheading the current crypto bull market and they now have a collective market capitalization of $67 billion. Besides WIF, other Solana-based meme coins are among those leading the rally.
New Solana meme coin Smog (SMOG) has seen a 40% rally in 24 hours, according to CoinGecko, making it the top performing token alongside WIF. SMOG took the crypto market by storm after launching last month, and it is up by over 700% in one month.
BONK is up 179% over the past month, while Myro (MYRO), the third-largest meme coin on Solana, has surged more than 500%.
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