Dogwifhat (WIF), a memecoin based on the Solana blockchain, has the potential to reach $10, according to predictions by Arthur Hayes, the former CEO of BitMEX and current chief investment officer of Maelstrom. The price of Dogwifhat recently reached an all-time high of $3 on March 14, but Hayes believes it can triple in value. In a tweet, he stated, “The hat stays on while I count to $10.” The memecoin’s value skyrocketed after its supporters raised more than $700,000 to advertise its logo on the Las Vegas sphere. Following this crowdfunding effort, WIF’s price immediately rose by 25%. Within 24 hours, it surged by 39% to trade at $3.13, making it the 45th largest token by market capitalization. It also saw a significant weekly gain of 79%.
The collective market capitalization of memecoins experienced a 7% increase in the past 24 hours, reaching $63.2 billion. Trading volume also surged by 69.3% to $15.3 billion. Other popular memecoins, such as Floki, PEPE, and Dogecoin, also saw double-digit weekly gains. Floki rallied by 111% during the past week, PEPE rose by 46%, and Dogecoin gained over 17%, solidifying its position as the largest memecoin by market capitalization. This trend has led to heightened investor interest in memecoins. In fact, Franklin Templeton, an American multinational investment firm, published an investor note indicating that while memecoins may lack inherent value or utility, they hold the potential for significant profits due to their lower fees compared to larger cryptocurrencies and the possibility of quick gains. It’s important to note that memecoins are also known for their high price volatility.
