Benzinga - If you've looked at crypto in recent months, you've heard something about meme coins. New tokens constantly pop up; millionaires are made in minutes; and unbelievable returns are on the table. As the meme coin mania of early 2024 is beginning to calm down, some are looking for the token that could be the top pick for the remainder of 2024.
dogwifhat (WIF), launched in late 2023, is a meme coin based on the Solana chain. The token is based on a picture of a Shiba Inu dog wearing a pink knitted cap. Unlike some meme coins that try to woo investors with ambitious plans for the future and a high-quality website, WIF leans into its identity, with the headline stating that it's "literally just a dog wif a hat."
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The token exploded in 2024. It began the year hitting an all-time low of under $0.07. Since then, it has grown exponentially, reaching a high of $3.53 on March 14. At the high, it represented a gain of over 5,000% from lows, which came just two months earlier. The market cap went from around $200 million to well over $3 billion, helping the token cement itself in the top 50 tokens by market cap.
WIF also helped revive the Solana chain. If investors wanted to buy the token, they had to buy SOL and swap it for WIF. This practice increased the use of the Solana chain and helped it appreciate over 150% since the launch of SHIB. Many thought that Solana would be unable to recover after the collapse of FTX, but WIF, along with other meme coins and projects, helped SOL recover to near-all-time highs (ATHs).
There have been several catalysts for WIF, such as Binance offering the token and LeBron James wearing a pink hat. While the event with James was a coincidence, it brought more attention to the token.
The hype hasn't ended yet. WIF investors are eyeing the top spot in terms of meme coins. For this to happen, WIF would have to surpass DOGE and SHIB, which have market caps in the tens of billions.
For WIF to catch SHIB, the token would have to go up by an additional 500% from current levels. While this may seem like a lot, it is not out of the question considering WIF's past price movements.
It will be interesting to see what is in store for WIF this year. The project could go in several directions, but where WIF ends up will likely be the result of market sentiment, which changes constantly and could work to the benefit or detriment of WIF.
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