Dogwifhat (WIF), a popular Solana-based memecoin, may surge to $10, as predicted by Arthur Hayes, former BitMEX CEO and current chief investment officer at Maelstrom.
The hat stays on until I reach $10.
The memecoin hit a new all-time high after fans raised over $700,000 to display its logo on the Las Vegas sphere. WIF’s price surged 25% following the crowdfunding announcement.
Dogwifhat surged more than 39% in the 24 hours leading up to 1:52 pm UTC, trading at $3.13 and ranking as the 45th largest token by market capitalization, per CoinMarketCap. The memecoin recorded a 79% increase on the weekly chart.
Top memecoins stage a rally
The total market capitalization of memecoins surged over 7% in the last 24 hours to $63.2 billion, with trading volume increasing by 69.3% to $15.3 billion, as per CoinMarketCap.
Other popular memecoins also saw significant weekly gains. Floki surged over 111%, Pepe rose by 46%, and Dogecoin gained over 17% as the largest memecoin by market capitalization.
Franklin Templeton, an American multinational investment firm, published an investor note on memecoins on March 14, stating that while memecoins “have no inherent value or utility,” they could offer quick gains. The firm highlighted that memecoins have lower fees compared to larger cryptocurrencies and present the potential for fast profits but also come with high price volatility.