Solana-based meme coin Dogwifhat (WIF) has taken the cryptocurrency market by storm, becoming the best-performing asset in the primary half of the yr, because the Shiba Inu puppy-inspired token has outperformed Bitcoin’s (BTC) 48% surge since January, making it the highest returner amongst roughly 70 coins with market caps over $1 billion.
Dogwifhat (WIF) Leads The Pack
According to Forbes, Dogwifhat has emerged because the leading performer among the many group of coins, with a market cap of greater than $1 billion, recording a 1,300% gain from a low of $0.111 since December 2023.
Close behind is Pepe (PEPE), recording gains of nearly 800%. At the identical time, one other meme coin that has significantly increased is Floki Inu (FLOKI), named after Elon Musk’s Shiba Inu dog, recording a 418% increase over the identical period. Similarly, Shiba Inu (SHIB) has seen a 67% increase.
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While meme coins dominate the highlight, the report notes that several tokens outside the meme coin realm have also showcased remarkable rallies, surpassing Bitcoin’s performance.
ETH, the token of the Ethereum network, is up 51% and is poised for potential gains after the expected full approval of the spot Ethereum ETF market, much like Bitcoin, anticipated to be traded in the approaching weeks.
Binance Coin (BNB), issued by the world’s largest crypto exchange by trading volume, has also surged 81%, outperforming BTC’s price motion despite recent regulatory and legal challenges faced by billionaire former CEO Changpeng Zhao (CZ), who’s currently serving a 6-month sentence following a plea cope with US authorities in 2023.
Meme Coin Bonanza
While WIF has turn out to be the star performer with a 1,306% increase, its market cap has also made a notable recovery in recent months after losing a high of virtually $4 billion to currently reach a market cap of $2.1 billion, which has secured Dogwifhat’s 54th place in the highest 100 cryptocurrencies in the marketplace.
Pepe also follows behind WIF on this key financial metric, reaching a market cap of $5 billion. Nonetheless, the 2 are far behind Dogecoin (DOGE) and SHIB’s market cap figures, which currently stand at $17 billion and $10 billion, respectively, being the most important meme coins within the crypto market.
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Other coins, comparable to Artificial Superintelligence Alliance, also outperformed the most important cryptocurrency in the marketplace, surging 545% to achieve a market cap of $3.6 billion in the course of the same period, while Floki experienced a growth of 392% to achieve a market cap of $1.6 billion following the recent market slump recorded since March and April highs.
The 1-D chart shows WIF’s price trending upwards. Source: WIFUSD on TradingView.com
On the time of writing, WIF continues to rally and is trading at $1.899, up over 14% within the last 24 hours. Nonetheless, the meme coin is trading 60% below its all-time high of $4.83, set in March 2024.
Featured image from DALL-E, chart from TradingView.com