A surge in Solana blockchain-based meme coin DogWifHat’s (WIF) price in recent days has shocked the market, with some claiming the token could be the next crypto unicorn.
The DogWifHat price hit a new all-time high in the $53s earlier Thursday, pushing its market cap above $530 million at the time.
A crypto unicorn is defined as a token with a market capitalization of more than $1 billion.
According to CoinMarketCap, there are currently 66 cryptocurrencies/crypto tokens that fall into the unicorn category.
If the DogWifHat price can reach a price of $1.00108099429, it will reach the $1 billion mark.
This is thanks to its supply stream and total supply of 998920173 tokens.
The DogWifHat price has since pulled back from its previous session highs.
WIF last changed hands at just under $0.38, with its market cap lasting just under $380 million.
Despite the meme coin’s 30% pullback from intra-day highs, its recent gains have shocked the market.
The DogWifHat price continues to rise by an astonishing 500% (or roughly 6x) from its lows last week around $0.065.
What is impressive is that the DogWifHat price has pumped despite recent underperformance of the SOL and BONK prices.
SOL, the ticker of the Solana token that powers the Solana blockchain, has fallen more than 6% this year.
BONK, the ticker of the largest Solana-based meme coin called Bonk!, is down just over 7% this year.
While Bonk! holding the mantle of the largest Solana-based meme coin with a market cap of over $800 million, DogWifHat is quickly catching up.
So, can DogWifHat claim the crown of the largest Solana-based meme coin?
And could it become the next crypto unicorn in the process?
DogWifHat Price Prediction – The Next Crypto Unicorn
Despite only launching on December 20th, DogWifHat has managed to build up a significant fan base.
His official X account has 27,700 organic followers and his Telegram channel has 8,350 dedicated followers.
And the token’s social reach will only grow as major players in the crypto space take note of the meme coin’s catchy branding.
Franklin Templeton, a major player on Wall Street who recently launched a spot Bitcoin ETF, recently referenced DogWifHat in a tweet.
Not sure how to feel about Laser Eye Ben? Just think instead of Ben wif hat
— Franklin Templeton (@FTI_US) January 17, 2024
The firm then inadvertently expressed a bullish view on WIF through its praise for the Solana blockchain and ecosystem.
On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023-DePIN-DeFi-Meme-Coins-NFT-Innovation-Firedancer
— Franklin Templeton (@FTI_US) January 17, 2024
On one of Solana’s top decentralized exchanges (DEXs) Orca, WIF has an impressive $5 million in liquidity.
The token also saw nearly $20 million in 24-hour trading volumes.
Add that to the $164 million in trading volumes on major centralized cryptocurrency exchanges, and a clear picture emerges.
WIF is seeing an explosive surge in trade and usage.
This cocktail of hype could easily propel the DogWifHat to $1, placing it among the ranks of the crypto unicorns.
If the DogWifHat price can hold north of the $0.35-38 resistance zone, that will certainly help.
WIF Alternative to Consider – Sponge V2 ($SPONGEV2)
DogWifHat (WIF) can give holders profits in the neighborhood of 10x this bull market.
This is not bad, but many meme coin investors aim higher, i.e. for gains in the region of 100x.
They need look no further than Sponge V2 ($SPONGEV2), the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and returns to its early investors in the neighborhood of delivered 100x. .
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as start earning stake rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
$SPONGEV2’s biggest advantage over $SPONGE is that it will power a new play-to-earn game, the details of which have yet to be released.
But we do know that there will be a free version and paid version of the game.
Visit Sponge V2 HereDisclosure: Crypto is a high-risk asset class. This article is provided for informational purposes and is not investment advice. By using this website, you agree to our terms and conditions. We may use affiliate links within our content and receive commission.
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While we love diving into the exciting world of crypto here at Uncirculars, remember that this post, and all our content, is purely for your information and exploration. Think of it as your crypto compass, pointing you in the right direction to do your own research and make informed decisions.
No legal, tax, investment, or financial advice should be inferred from these pixels. We’re not fortune tellers or stockbrokers, just passionate crypto enthusiasts sharing our knowledge.
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