Meme coin mania is back with Solana-based token dogwifhat (WIF) experiencing a remarkable price surge.
WIF’s price is up 134% in the past three days, as the meme coin market sees a wave of bullish momentum.
Could the new Frog Wif Hat (FWIF) project be poised to follow in dogwifhat’s footsteps and be the next meme coin to explode?
Dogwifhat Price Skyrockets & Trends Towards $1
dogwifhat has been on a tear this week, defying investor expectations. Technical indicators point towards a bullish continuation since WIF broke past the key resistance level of $0.50 on Tuesday.
The token’s momentum took it to an all-time high of $0.89 yesterday – just below the psychologically important $1 milestone.
According to CoinMarketCap data, WIF now boasts a market cap of $815 million. Therefore, making it the fifth-largest meme coin in the world.
This means WIF has flipped market stalwarts like Floki (FLOKI) in terms of overall market value. Such a meteoric rise in a short time is a testament to the growing influence of dogwifhat’s online community.
Most community members believe WIF has scope to soar even higher. Specifically, becuase it’s still only available on a handful of exchanges – and hasn’t yet been listed on Tier-1 platforms like Binance or Coinbase.
With the token now just 22% below the $1 level, reaching this milestone could trigger mainstream media coverage and even more hype.
Meme Coin Mania is Back as DOGE & SHIB Lead the Way
dogwifhat’s rally is indicative of a larger trend – the meme coin market is heating up once more. Influencers and retail investors are piling back into these risky assets, fueled by speculation.
According to CoinGecko, the meme coin market’s value has passed $34.6 billion – a 27% increase in the past day.
Over $12.4 billion in trading volume has been generated across all meme coins in the last 24 hours alone. Subsequently highlighting the magnitude of the investor interest.
Where the market goes from here is anyone’s guess. Yet, additional upside seems the most likely scenario.
Major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are leading the way, while lower-cap tokens like Myro (MYRO) are also posting huge gains.
Additionally, with CoinCodex’s crypto sentiment tracker showing a max value of 100, sentiment in the crypto market is the most bullish it has been in over two years.
As such, the ongoing bull run in the meme coin space shows no signs of slowing. This means that tokens like WIF could be in line for further gains.
Could Frog Wif Hat Be the Next Meme Coin to Explode After Successful DEX Launch?
Riding the tailwinds of the meme coin market’s resurgence, a new contender called Frog Wif Hat is also performing exceptionally well.
Launched on Ethereum this past Monday, FWIF experienced an enormous rise in its first few hours of trading before facing a pullback.
Despite this initial volatility, FWIF is regaining momentum, up 105% in the past two days.
There are already 982 unique token holders, with the token sporting a market cap of $1.4 million.
Frog Wif Hat’s small size and low market cap mean it has significant room for growth as it builds awareness.
Much of the buzz around Frog Wif Hat is down to its quirky frog mascot sporting a tiny beret and holding a baguette.
The project’s clear attempt to capitalize on the success of dogwifhat, with a similar name and playful visuals, has helped it generate traction on Twitter immediately.
Bolstering FWIF’s appeal further is that all one billion tokens are already in circulation, and there’s no tax on transactions.
Frog Wif Hat’s smart contracts have also been audited – and the development team cannot mint any new tokens.
All of these elements combine to create an appealing early-stage opportunity for meme coin traders seeking the next hidden gem that could pump next.