Dogwifhat (WIF), a viral Solana-based memecoin, could potentially surge to the $10 mark, according to predictions from Arthur Hayes, former BitMEX CEO and Maelstrom chief investment officer.
WIF price to $10?
The price of Dogwifhat surged to an all-time high of $3 on March 14. Yet, Hayes expects that it will have no problem tripling in value, according to a March 14 X (formerly Twitter) post:
“The hat stays on while I count to $10.”
The memecoin reached a new all-time high after its fans raised over $700,000 to advertise the token’s logo on the Las Vegas sphere. WIF’s price rose 25% immediately after the crowdfunding effort was announced.
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Dogwifhat rose over 39% in the 24 hours leading up to 1:52 p.m. in UTC, to trade at $3.13, as the 45th largest token by market capitalization, according to CoinMarketCap data. The memecoin was up 79% on the weekly chart.
Top memecoins rally
The total market capitalization of memecoins rose over 7% in the past 24 hours to $63.2 billion, while trading volume rose 69.3% to $15.3 billion, according to CoinMarketCap data.
Other popular memecoins also witnessed double-digit weekly gains. Floki rallied over 111% during the past week, PEPE rose 46%, and Dogecoin (DOGE) gained over 17%, as the largest memecoin by market capitalization.
Bolstering investor appetite for memecoins, American multinational investment firm Franklin Templeton published an investor note on memecoins on March 14, noting that while memecoins “have no inherent value or utility,” they could potentially make for fast gains.
The firm noted that memecoins have lower fees compared to bigger cryptos and bring the potential for quick profits but come with high price volatility.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.