Benzinga - Dogwifhat (CRYPTO: WIF) remains Solana's (CRYPTO: SOL) star performer of the moment: it clocked a 54% daily gain to crack the $400 million market capitalization mark. That sparked talks of a "flippening" of Shiba Inu (CRYPTO: SHIB) among traders on social media.
What Happened: Capitalizing on its recent exchange listing, Dogwifhat surged 54% in the past 24 hours, outperforming comparable memecoins on Solana such as Myro (CRYPTO: MYRO) at +38% and Bonk (CRYPTO: BONK) at -3.6%. Dogwifhat has surpassed $400 million in market capitalization, roughly one-third of the market capitalization of Bonk.
According to Dexscreener data, Dogwifhat amassed $24 million in daily trading volume, far exceeding the $2.3 million in trading volume for Bonk.
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Why It Matters: Solana-based memecoins Bonk and Myro may be the closest competitors, but traders on social media target a bigger scalp: Shiba Inu.
One trader suggested "Imagine $wif surpassing $shib" because "Shiba inu wif hat > Shiba inu." Another added the "dogwifhat cult has endless narratives to take $WIF to unfathomable heights" and predicted "the shib flippening narrative will amplify" when Dogwifhat breaks the $4 mark.
Yet another voice sees Dogwifhat overtaking Shiba Inu as only a matter of time, saying "it's not an if" but "It's a when."
Lofty price targets are common for memecoins, such as "DOGE to a dollar" in 2021 or "SHIB to one cent." Just like Dogecoin (CRYPTO: DOGE), Dogwifhat has a psychologically important price target of $1.
Thus, it is not surprising traders cheer on their investment from the sidelines, although such commentary should never be taken at face value.
What's Next: If Dogwifhat can surpass the one-dollar mark remains to be seen. But it may not need to to create more rags-to-riches stories.
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