Dogwifhat (WIF) Surges to Third-Largest Meme Coin Position Outpacing PEPE

• Dogwifhat (WIF) now ranks as the third-largest meme coin by market cap, surpassing PEPE.
• Dogwifhat (WIF) hit $4.63, an all-time high, amid a market cap surge.
• Open interest for Dogwifhat (WIF) has surged by 23% to $643 million in the last 24 hours.

The Solana-based meme coin, Dogwifhat (WIF), has surged to prominence, overtaking PEPE to claim the title of the third-largest meme coin by market capitalization. This significant feat underscores the coin’s rapid ascent, driven by a substantial increase in both its price and overall market cap, which stands at $4.48 billion.

The surge in Dogwifhat’s popularity can be attributed to various factors, including its recent sale of the original WIF NFT for a staggering $4.3 million. Today, Dogwifhat experienced yet another substantial 22% spike, reaching an all-time high of $4.63. This surge follows a previous all-time high attained in mid-March, signaling sustained momentum in its upward trajectory.

What Triggered the Dogwifhat Rally?

According to data from Coinglass, a leading on-chain analytics firm, Dogwifhat’s open interest has surged by 23% in the last 24 hours, reaching a staggering $643 million. However, this sparks concerns about its sudden surge in value.

Meanwhile, PEPE, inspired by the controversial Pepe the Frog webcomic character, has seen a modest 1.84% price surge over the last 24 hours and holds a market cap of $3.37 billion. Moreover, the meme coin has faced an uptrend of 6% over the past week, highlighting a contrast in performance compared to the surging WIF.

DOGE, the world’s most renowned meme coin, has also experienced a notable price surge, surpassing 29% and currently hovering around $0.21, the level not seen since November 2021. This further highlights the widespread enthusiasm for meme-based cryptocurrencies.

However, this surge in interest is not limited to Dogwifhat alone but extends to other top meme coins such as Dogecoin (DOGE) and FLOKI.