Dogwifhat (WIF), a Solana-based memecoin, has ascended to the third-largest meme token by market capitalization, overtaking Pepe (PEPE) and sparking speculations of reaching a $10 valuation. This surge, backed by significant holding from the largest investors, has propelled WIF to unprecedented highs, with Arthur Hayes, a prominent figure in the cryptocurrency sector, endorsing its potential for further growth.

Dogwifhat Surges to Become Third-Largest Memecoin, Hits New All-Time High

On March 29, Dogwifhat (WIF), a Solana-based memecoin, surpassed Pepe (PEPE) to become the third-largest meme token in market capitalization, as per Cointelegraph.

According to CoinMarketCap data, Dogwifhat's price reached an all-time high of $4.64 on March 30 before falling to $4.32 as of 2:00 p.m. (UTC).

Following a weekly rally of more than 87%, Dogwifhat surpassed the Pepe token to become the third-largest memecoin with a market capitalization of $4.3 billion. This places WIF as the 31st largest coin among all cryptocurrencies.

Despite WIF rising by over 431% in the last month, the largest holder is still not selling.

According to Coinstats, the wallet currently holds $139.5 million in WIF tokens, purchased at an average price of $0.32 for an unrealized profit of $127.3 million.

On March 14, Dogwifhat's price reached its previous high of $3 after fans raised more than $700,000 to advertise the token's logo on the Las Vegas sphere. WIF's price increased by 25% immediately after announcing the crowdfunding campaign.

Arthur Hayes Predicts Dogwifhat to Rally to $10 Amidst Memecoin Market Surge

Before hitting the $3 mark for the first time, Arthur Hayes predicted that the Solana-based memecoin would rally to $10. Hayes, former CEO of BitMEX and current chief investment officer of Maelstrom, wrote in a March 14 X post: "The hat stays on while I count to $10."

Despite its origins in an internet meme, Dogwifhat is not the first dog-themed memecoin to reach multibillion-dollar valuations. Dogecoin's market capitalization reached a record $75.2 billion in May 2021 and is now worth $30.2 billion.

Dogwifhat's price would be $30.8 per token to match DOGE's market capitalization, an eightfold increase that is not uncommon in the memecoin community.

During the 2021 bull market, Dogecoin's price increased by over 892% in the month leading up to its all-time high, from $0.07433 on April 12, 2021, to $0.7376 on May 6.

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