The memecoin market is sustaining its upward trend, much to the delight of its investors. Arthur Hayes, the former CEO of BitMEX and now the Chief Investment Officer at Maelstrom, has made a notable prediction about the Solana-based memecoin project, Dogwifhat (WIF). He suggests that WIF could potentially reach a price point of $10.
Soaring Valuation for Dogwifhat
On March 14th, Dogwifhat experienced a record peak at $3. Hayes, in a recent statement, expressed that the memecoin tripling in value is a feasible scenario. He optimistically remarked that he would count to $10 as long as the iconic ‘hat’ emblem of the coin remains prominent.
The project witnessed a surge in its value after a successful crowdfunding campaign that raised over $700,000 to advertise the token’s logo on a prominent Las Vegas sphere. Following the funding news, WIF’s price quickly increased by 25%. According to CoinMarketCap, over the past 24 hours, Dogwifhat has gained more than 39%, trading at $3.13, and ranking as the 45th largest token by market capitalization, with a whopping 79% increase over the past week.
Overall Growth in Memecoin Popularity
Market data shows that the total market capitalization for memecoin projects hiked by over 7% in a day, reaching $63.2 billion, with trading volumes skyrocketing by 69.3% to $15.3 billion. Other leading memecoins also reported significant weekly increases, with Floki up over 111%, Pepe climbing 46%, and Dogecoin, the largest memecoin by market cap, appreciating by more than 17%.
Franklin Templeton, a global investment firm, recently highlighted the surge in investor interest in memecoins, despite their lack of intrinsic value or practical utility. In their assessment, while memecoins are subject to intense price fluctuations, they offer the allure of rapid returns with lower transactional costs compared to more established cryptocurrencies.