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In a surprising turn of events, the price of Dogwifhat (WIF), one of the hottest meme tokens in the Solana ecosystem, has experienced a remarkable surge, soaring over 50% in the past few hours. After hitting a price low of $0.0805 just yesterday, marking its lowest point since Dec. 19, the meme coin initiated a sharp recovery with a new daily candle, reclaiming the $0.14 per token territory.
However, the peak proved short-lived as WIF encountered local resistance, prompting a subsequent sell-off that corrected the price by 9%.
Despite this correction, Dogwifhat currently stands as the third most trending coin in the last 24 hours, according to DEX Screener. Impressively, WIF secures the second position in terms of trading volume, trailing only behind Pepe Coin (PEPE) with a substantial $13.5 million.
According to CoinMarketCap data, on the other hand, the total trading volume of Dogwifhat, including centralized exchanges, has surged to $57.35 million, marking an astounding 92% increase in the last 24 hours alone.
“Hat stays on”
What sets Dogwifhat apart is its association with a real Shiba Inu donning a hat, a departure from the more traditional cartoonish meme approach. The meme, featuring a dog in a hat, has been circulating on the internet since 2020, but its resurgence in the form of WIF has garnered newfound attention, thanks to the astonishing price surges of SOL and BONK.
With a current capitalization of $128.43 million, Dogwifhat emerges as a potential contender for the title of the 10th largest meme coin in the crypto market, further solidifying its position as a force to be reckoned with in the ever mind-blowing meme coin landscape.