Benzinga - BitMex's co-founder and former CEO Arthur Hayes thinks the staggering rise of Dogwifhat (CRYPTO: WIF) is not finished, predicting the dog-themed memecoin to reach $2.
What Happened: On Friday, Hayes shared a screenshot of the token's recent gains on his X account, asking his followers to "make it happen" while referring to the $2 mark.
"How y’all going to spend your dog money riches?" he further asked.
The Solana (CRYPTO: SOL) memecoin darling has grown from zero to over $1 billion in market capitalization in record time, having launched only at the beginning of December 2023.
A quiet listing by Robinhood Europe of WIF for spot trading sent the token on a rally that blasted straight through the psychological $1 mark for a 35% daily gain and trading at $1.28, per CoinMarketCap data.
Read Also: If You Invested $100 In Dogecoin When Elon Musk First Tweeted About The Memecoin, Here's How Much You'd Have Today
Why It Matters: Dogwifhat has reached popularity as a result of a meme of a Shiba Inu dog, similar to that of Dogecoin (CRYPTO: DOGE), wearing a beanie hat.
The meme has spread beyond the usual cryptocurrency circles on social media, with influencers even launching guerilla marketing campaigns on Wall Street.
Live on Wall Street lol this shits a movieThis stunt mirrors a recent one, where the bronze Wall Street Bull statue was photographed "wif hat," much to the amusement of bystanders and onlookers.$5 can come much sooner than you think pic.twitter.com/8J8XNZNOKp
— KingFUD (@Joedidonato94) March 1, 2024
Dogwifhat has beaten out its rivals Shiba Inu (CRYPTO: SHIB) and Dogecoin for gains over the past week, notching an eye-watering 330% gain. That beat the already impressive gains of Doge (67%) and Shiba Inu (125%), albeit the latter two trade at much higher valuations than Dogwifhat.
Social media traders have backed up Hayes' take that "the hat stays on," with Altcoin Sherpa, a crypto trader, suggesting that "leaders will keep leading."
What's Next: Dogwifhat will attempt to rank among the top three memecoins, with rivals like Pepe also chasing the tails of the biggest established memecoins.
Read Next: 'Dogecoin Killer' Shiba Inu Explodes For 60% Weekly Gain: This Indicator Shows Golden Cross
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