BitMex'sco-founder and former CEO Arthur Hayes thinks the staggering rise of Dogwifhat (CRYPTO: WIF) is not finished, predicting the dog-themed memecoin to reach $2.
What Happened: On Friday, Hayes shared a screenshot of the token's recent gains on his X account, asking his followers to "make it happen" while referring to the $2 mark.
"How y’all going to spend your dog money riches?" he further asked.
The Solana (CRYPTO: SOL) memecoin darling has grown from zero to over $1 billion in market capitalization in record time, having launched only at the beginning of December 2023.
A quiet listing by Robinhood Europe of WIF for spot trading sent the token on a rally that blasted straight through the psychological $1 mark for a 35% daily gain and trading at $1.28, per CoinMarketCap data.
Why It Matters: Dogwifhat has reached popularity as a result of a meme of a Shiba Inu dog, similar to that of Dogecoin (CRYPTO: DOGE), wearing a beanie hat.
The meme has spread beyond the usual cryptocurrency circles on social media, with influencers even launching guerilla marketing campaigns on Wall Street.
This stunt mirrors a recent one, where the bronze Wall Street Bull statue was photographed "wif hat," much to the amusement of bystanders and onlookers.
Dogwifhat has beaten out its rivals Shiba Inu (CRYPTO: SHIB) and Dogecoin for gains over the past week, notching an eye-watering 330% gain. That beat the already impressive gains of Doge (67%) and Shiba Inu (125%), albeit the latter two trade at much higher valuations than Dogwifhat.
Social media traders have backed up Hayes' take that "the hat stays on," with Altcoin Sherpa, a crypto trader, suggesting that "leaders will keep leading."
What's Next: Dogwifhat will attempt to rank among the top three memecoins, with rivals like Pepe also chasing the tails of the biggest established memecoins.
Read Next: 'Dogecoin Killer' Shiba Inu Explodes For 60% Weekly Gain: This Indicator Shows Golden Cross
Image created using artificial intelligence with Midjourney
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
