Solana-based meme coin Dogwifhat (WIF) has taken the cryptocurrency market by storm, changing into the best-performing asset within the first half of the 12 months, because the Shiba Inu puppy-inspired token has outperformed Bitcoin’s (BTC) 48% surge since January, making it the highest returner amongst roughly 70 cash with market caps over $1 billion.
Dogwifhat (WIF) Leads The Pack
In accordance to Forbes, Dogwifhat has emerged because the main performer among the many group of cash, with a market cap of greater than $1 billion, recording a 1,300% acquire from a low of $0.111 since December 2023.
Shut behind is Pepe (PEPE), recording good points of practically 800%. On the identical time, one other meme coin that has considerably elevated is Floki Inu (FLOKI), named after Elon Musk’s Shiba Inu canine, recording a 418% enhance over the identical interval. Equally, Shiba Inu (SHIB) has seen a 67% enhance.
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Whereas meme cash dominate the highlight, the report notes that a number of tokens outdoors the meme coin realm have additionally showcased exceptional rallies, surpassing Bitcoin’s efficiency.
ETH, the token of the Ethereum community, is up 51% and is poised for potential good points after the anticipated full approval of the spot Ethereum ETF market, just like Bitcoin, anticipated to be traded within the coming weeks.
Binance Coin (BNB), issued by the world’s largest crypto change by buying and selling quantity, has additionally surged 81%, outperforming BTC’s worth motion regardless of latest regulatory and authorized challenges confronted by billionaire former CEO Changpeng Zhao (CZ), who’s at present serving a 6-month sentence following a plea cope with US authorities in 2023.
Meme Coin Bonanza
Whereas WIF has grow to be the star performer with a 1,306% enhance, its market cap has additionally made a notable restoration in latest months after shedding a excessive of just about $4 billion to at present attain a market cap of $2.1 billion, which has secured Dogwifhat’s 54th place within the prime 100 cryptocurrencies available on the market.
Pepe additionally follows behind WIF on this key monetary metric, reaching a market cap of $5 billion. Nevertheless, the 2 are far behind Dogecoin (DOGE) and SHIB’s market cap figures, which at present stand at $17 billion and $10 billion, respectively, being the biggest meme cash within the crypto market.
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Different cash, equivalent to Synthetic Superintelligence Alliance, additionally outperformed the biggest cryptocurrency available on the market, surging 545% to succeed in a market cap of $3.6 billion throughout the identical interval, whereas Floki skilled a progress of 392% to succeed in a market cap of $1.6 billion following the latest market hunch recorded since March and April highs.
On the time of writing, WIF continues to rally and is buying and selling at $1.899, up over 14% within the final 24 hours. Nevertheless, the meme coin is buying and selling 60% beneath its all-time excessive of $4.83, set in March 2024.
Featured picture from DALL-E, chart from TradingView.com