Solana-based Dogwifhat has made a significant advancement in the crypto market recently. This surge is part of a trend seen in dog-themed tokens like Floki (FLOKI) and WIF, following the success of Dogecoin. WIF has now surpassed Pepecoin (PEPE) to become the third-largest meme coin by market value, with its price exceeding $4, sparking excitement in the crypto community.

The Influence of DOGE

DOGE futures positions experienced a substantial increase of $2 billion, prompting concerns about a potential decline as exhaustion signals emerged in the price movements of Bitcoin and Ethereum. Meme coins, led by Solana-based Dogwifhat (WIF), received significant attention in the market, showcasing notable growth. Bitcoin is trading above $70,000, while Ethereum, SOL, and ADA have experienced minor fluctuations. Bitcoin Cash (BCH) continued its upward trend with a 4% rise.

Meme Coins Witness 8% Surge

Today, meme coins experienced a significant surge in the market, with speculations impacting the price of DOGE. Speculations about DOGE potentially being integrated into an upcoming payment service on the X social app led to a 15% increase in Dogecoin's value.

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Singapore-based QCP Capital expressed concerns about a possible 8% drop in ETH due to market exhaustion. They highlighted that despite the ongoing uptrend, caution is advised regarding leverage trading.

Dogwifhat (WIF) Market Value Update

As of the time of writing, Dogwifhat's price has slightly decreased from $4.03 to $3.68. This shift has led to a market value of $3.6 billion for WIF, placing it as the 38th largest cryptocurrency by market capitalization. This development underscores the significance of meme coins in the broader cryptocurrency landscape.