- Despite the overall crypto recovery, memecoins (including dogecoin) are down 0.6%, with only 47% investors in profit.
- Shiba Inu and Dogecoin hold 82% of the memecoin market, and Dogecoin has been stagnant for a year.
- Launched in November, WIF has surged 30% in a day and 138% in a month, driven by the Bitfinex listing and hype from analysts.
- In particular, a video of a Wall Street bull with a WIF hat and analyst endorsements are contributing to its price rally.
The crypto market appears to have recovered significantly over the last day, especially with Bitcoin’s break above $48,000.
However, it’s a whole different story with the memecoin market.
According to data from Coinranking, the memecoin market cap has slid back by about 0.6% over the last day, to around $20 billion.
Moreso, only about 47% of memecoin investors remain in profit at the time of writing, meaning that the remaining 53% are running at losses.
However, one memecoin seems to be standing out:
Why the Memecoin Market Is Down
It turns out that the memecoin market is thriving under the hood.
The main reason this niche has been slightly under the water is because of two of the largest memecoins on the market:
Dogecoin and Shiba Inu.
The memecoin market has a market cap of around $20 billion at the time of writing.
Dogecoin, on one hand, holds about $11.4 billion of this figure. Shiba Inu on the other hand, holds about $5.48 billion.
This means that both of these memecoins hold about 82% of the total memecoin market’s dominance.
Dogecoin, in particular, has been very sluggish over the past year. According to CoinMarketCap, the memecoin is down by about 0.91% over the last year, indicating that Dogecoin has been largely inactive at best.
According to the cryptocurrency’s weekly chart, we can even see that Dogecoin has been ranging between $0.489 and $0.1 since May 2022 when the previous bear market started.
We can conclude from this, that investors have been largely uninterested in the memecoin since the initial Dogecoin boom faded away.
Is This the New “Dogecoin Killer”?
Solana-based Dogwifhat (or $WIF) was launched in November 2023
Dogwifhat is the sixth most popular memecoin on the market, with a market valuation of $281 million, according to CoinMarketCap.
Over the last day, WIF has risen by more than 30% and is up by a whopping 138% over the last month.
The cryptocurrency trades at around $0.33 per coin despite being a memecoin and achieved most of its recent success after Bitfinex announced its listing, with deposits opening on 7 Feb.
Analysts Are Shilling $WIF Relentlessly
These recent developments have exploded all over WIF, supporting its price and pushing it upwards on all timeframes.
Last week, even, a video went viral, showing a Wall Street bronze bull wearing a $WIF hat.
Analysts have also been shilling the memecoin relentlessly, with someone even calling $WIF “one of the most significant innovations in the realm of cryptocurrency in recent years”
Analyst, MacroCRG also made a post recently, showing that $WIF was about to enter an even stronger “hate rally”.
Overall, Solana-based memecoins have been all of the rage since the last quarter of 2023, and after BONK, $WIF is turning out to be the next big contender in the memecoin space.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.