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Increasing meme coin activity has spurred a rally in Dogwifhat (CRYPTO: WIF), which has managed to flip Pepe Coin (CRYPTO: Pepe) to become the third-largest meme coin by market capitalization.
What Happened: Dogwifhat now has a market capitalization of $3.65 billion and its 16% rally in the last 24 hours has helped it blow past Pepe Coin.
In the last 24 hours, Dogwifhat's market capitalization rose from $3.15 billion to $3.65 billion, while that of Pepe Coin fell from $3.29 billion to $3.28 billion.
According to Benzinga Pro data, Dogwifhat is also the best-performing cryptocurrency in the top 100 when it comes to 24-hour and 7-day performance – it has gained over 16% in the last 24 hours and over 61% in the last seven days.
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Its market capitalization has increased from $2.26 billion to $3.65 billion in the last seven days.
However, going from the third largest meme coin by market capitalization to the second place occupied by ‘Dogecoin-Killer’ Shiba Inu (CRYPTO: SHIB) will prove to be a challenge for Dogwifhat. Shiba Inu's current market capitalization stands at $18.09 billion, which makes it nearly five times larger than Dogwifhat.
Dogwifhat is relatively new, though – it was launched in November on the Solana chain. On the other hand, Pepe Coin was launched in April 2023, while Shiba Inu was launched in August 2020.
Why It Matters: Dogwifhat's rapid surge aligns with the overall activity in meme coins. Its rise has also helped Solana Coin (CRYPTO: SOL) make gains since investors and traders who want to buy Dogwifhat have to buy SOL first and trade it for the meme coin.
The Dogwifhat rally has also led to a surge in short liquidations, which touched $1.62 million in the last 24 hours, according to CoinGlass.
It remains to be seen if the meme coin maintains its momentum and proves to be a challenger to Shiba Inu.
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