The meme coin market saw intense buying action over the weekend as dogwifhat (WIF) surged over 360% in a week to reach a new all-time high.
WIF has been on a tear since late February, capturing the interest of investors and racing to a $1.7 billion market cap.
Even newer entrants like Smog (SMOG) are seeing impressive rallies, with the token rising 78% simultaneously.
Dogwifhat reaches new all-time high as tailwinds prompt buying demand
Currently, WIF is trading around the $1.82 level, with spot trading volumes passing $372 million in the past 24 hours.
This epic price surge has propelled WIF to become the 5th biggest meme coin by market cap, even surpassing the well-established Floki (FLOKI).
Several key catalysts are driving dogwifhat’s bull run.
Major crypto exchange Bitget recently added WIF to its "Innovation & Meme Zone," opening the door to a potential official listing after a 60-day review period.
Bitget’s decision has led to speculation around additional exchange listings, particularly on tier-1 platforms like Coinbase and Binance.
Additionally, Solana's (SOL) continued adoption, the blockchain where WIF is built, provides further momentum.
Finally, WIF's recent listing on Robinhood Europe offers easy access for traders across the continent – boosting its legitimacy and driving even higher demand.
Taken together, these factors help explain WIF's remarkable price explosion over the past few weeks.
Meme Coin mania continues as greed takes over
While dogwifhat captures headlines with its epic surge, it isn’t the only meme coin posting huge wins at the start of 2024.
The entire meme coin sector is performing well right now, with speculative buying propelling many smaller tokens to new all-time highs.
For example, the price of MAGA (TRUMP) hit $10.91 earlier today, representing a 755% increase from last month.
MOG Coin (MOG) also hit an all-time high of $0.00000089 and saw over $20 million in trading volume since yesterday.
Major meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are also up massively in the past seven days, with DOGE pushing its way into the top 10 cryptocurrencies by market cap.
With the Crypto Fear & Greed Index reaching 83 yesterday, its highest level in over two years, it’s clear that investor sentiment is leaning heavily towards greed – a positive sign for meme coins.
New Smog token experiences breakout rally & gains 43,000 holders
As the meme coin sector heats up, Smog is one newcomer token benefiting from the momentum.
Smog draws its name from the dragon featured in The Hobbit movie franchise and looks to set itself apart from the countless dog-themed tokens in the meme coin space.
Over the weekend, SMOG posted a new all-time high of $0.127 before dipping slightly to current levels.
Still, SMOG continues to gain momentum, with over 43,000 holders and $2 million in trading volume in the past 24 hours.
The token was launched in the first week of February and features innovative tokenomics to reward holders.
50% of the total supply has been set aside to fund marketing campaigns, while 35% will be used for airdrop rewards.
The team has dubbed this airdrop “the Greatest Airdrop in History” and has already seen sizable amounts of SMOG distributed to holders of other well-known meme coins, like Samoyedcoin (SAMO).
Beyond the major airdrop, SMOG also provides staking opportunities, allowing holders to earn a yield on their tokens.
Yields are currently set at 42% per year – and almost 17 million SMOG tokens have been locked up already.
With SMOG gaining viral traction on social media and adopting a multi-chain approach by integrating with Ethereum, the token appears well-positioned to continue rising in March.