Benzinga - The Solana (CRYPTO: SOL) based meme cryptocurrency Dogwifhat (CRYPTO: WIF) experienced a 34% increase in value, outperforming Dogecoin (CRYPTO: DOGE), Shiba Inu (CRYPTO: SHIB) in the last 24 hours.
What Happened: Early Wednesday trading saw the token surpass the $2 mark, thereby achieving a market capitalization exceeding $2 billion, a mere three months after its launch.
This rise has placed WIF at the top of the meme coin category for cryptocurrencies with a valuation of over $1 billion.
The meme coin was introduced in November 2023, the token capitalized on the growing trend of Solana-based meme tokens. The term “wif hat” has since become a popular catchphrase within these circles.
WIF’s trading volume approached $1 billion in the preceding 24-hour window.
See More: Dogecoin HODLERs Are Beating Shiba Inu With 57% Landing In Profits, IntoTheBlock Data Reveals
Why It Matters: This comes as top meme cryptocurrencies by market capitalization Dogecoin and Shiba Inu were down over 5-8% in the last 24 hours.
The surge in WIF’s value is likely attributed to its listing on the Binance trading platform, one of the leading cryptocurrency exchanges. Binance reported over $219 million worth of WIF transactions on its listing day.
Price Action: At the time of writing, WIF was trading at $2.09, up 34% over the last 24 hours.
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