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The cryptocurrency market is witnessing a surge in the value of meme coins, with Dogwifhat (CRYPTO: WIF), Floki (CRYPTO: FLOKI), and Bonk (CRYPTO: BONK) making significant gains.
What Happened: On Thursday, Dogwifhat was trading at $3.97, marking a 29.74% increase in the last 24 hours. Bonk was trading at $0.00002839, reflecting a 10.48% increase, while Floki was at $0.0002492, showing a 13.26% increase, according to the data from Benzinga Pro.
These meme coins, which are based on dog themes, have been on a remarkable upward trajectory. Dogwifhat, for instance, started the year at under $0.07 and has since skyrocketed to over $3.53, representing a gain of over 5,000% in just two months. This surge has seen its market cap grow from around $200 million to well over $3 billion, securing its place among the top 50 tokens by market cap.
As the year progresses, it remains to be seen how Dogwifhat will fare. Its future is likely to be influenced by the ever-changing market sentiment.
Why It Matters: The recent surge in meme coins is indicative of the ongoing interest and investment in the cryptocurrency market. This surge comes at a time when other meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are also experiencing significant gains.
Despite the volatility of meme coins, they continue to attract investors and traders, with some predicting substantial returns. For instance, popular crypto trader Mayne recently suggested that a $100,000 investment in Dogwifhat could potentially yield $1 million. This further underscores the growing appeal of meme coins in the crypto market.
Image Via Shutterstock
Engineered by Benzinga Neuro, Edited by Kaustubh Bagalkote
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