CoinDesk Analysis Team
CoinDesk
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Dogwifhat became the first major meme coin to cross the $2 price mark.
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A listing on the prominent exchange Binance likely drove the price surge.
Solana’s runaway meme coin Dogwifhat (WIF) surged 48% in the past 24 hours to trade over $2.11 early Wednesday, reaching over $2 billion in capitalization just over three months after issuance.
Such gains were most in the meme coin category tracked on CoinGecko for tokens with over $1 billion capitalization. The category rose 2.8% on average, with lower caps like myro (MYRO) and mog coin (MOG) rising as much as 80%.
WIF was issued in November 2023 and quickly went viral in crypto circles. Much of the token’s memetic value is derived from its connection to an image of a dog wearing a hat – and the “wif hat” usage that has caught on and grown among crypto circles.
WIF traded nearly $1 billion in the past 24 hours, CoinGecko data shows. It is the first major meme token with a price of over $1. Meme tokens usually tend to have a significantly large circulating supply – and prices of any major meme, such as Dogecoin (DOGE) or shiba inu {{SHIB}], have never crossed the psychologically large $1 mark.
A listing on the prominent exchange Binance likely drove such price action, with the exchange recording $219 million in WIF trades within its first day.
Anticipation of future exchange listings and popularity among retail audiences contributed to gains, as per some X posts.
gm
— Hsaka (@HsakaTrades) March 6, 2024
~2x from yesterdays lows
pre robinhood/coinbase listing + tiktok mania
liquidate the binance listing shorters pic.twitter.com/3nLebCVBZ6
Meme coins have been in focus since late February amid a bitcoin-led rally. Investors have been treating these tokens as a bet on the growth of their underlying networks, as previously reported.
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