Solana-Based Meme Coin Upstart Overtakes Pepe in Trading Volume

The Solana-based meme coin known as dogwifhat (WIF) has outstripped Pepe (PEPE) in 24-hour trading volume, according to data provided by CoinGecko. The trading volume for dogwifhat reached $36.6 million, surpassing that of the long-standing favorite, Pepe, which recorded a volume of $35.6 million, marking a new milestone for the up-and-coming digital asset.

Top meme coins by trading volume

Dogecoin and Shiba Inu have long been the titans of the meme cryptocurrency space by trading volume, but the landscape is rapidly changing. 

Dogecoin maintains a commanding lead with a 24-hour volume of $657,577,938, while Shiba Inu follows with $130.4 million.

However, fresh entrants like Bonk (BONK) and Memecoin (MEME) are also making waves, with respective trading volumes of $51.2 million and $47.6 million. 

Dogwifhat, previously ranked lower, has seen a significant upswing in trading activity, surpassing Pepe. 

More recognition for Wif

The dogwifhat meme coin is gaining traction, not just in terms of trading volume but also recognition within the cryptocurrency trading platforms. Binance Futures recently announced the launch of a perpetual contract with up to 50x leverage, amplifying the visibility and potential liquidity of the meme coin. The top markets for dogwifhat by trading volume include decentralized and centralized exchanges like Raydium and Gate.io, indicating a broadening appeal among both decentralized finance (DeFi) enthusiasts and traditional traders.

This burgeoning recognition is buoyed by a resurgence in interest in Solana-based meme coins. On-chain metrics have indicated a spike in network activity for Solana, and by extension, tokens like dogwifhat, which recently saw a substantial rally before stabilizing.The meme coin's value is rooted in the virality of its associated imagery — a dog with a hat — and the meme "wif hat" that has caught on in the crypto community.