Dogwifhat, a Solana-based memecoin, has achieved the title of the third-largest meme token by market capitalization on March 29, overtaking the Pepe token.

The value of Dogwifhat reached a peak of $4.64 on March 30 and then decreased to $4.32 by 2:00 pm (UTC) that day, according to CoinMarketCap data.

Following a significant 87% increase over the week, Dogwifhat's market capitalization reached $4.3 billion, surpassing Pepe's $3.4 billion and becoming the 31st largest cryptocurrency overall.

Despite a 431% rise in the past month, the top holder has not sold any tokens. The wallet currently holds $139.5 million worth of WIF tokens, purchased at an average price of $0.32.

Dogwifhat's price had previously hit $3 on March 14 after fans crowdfunded over $700,000 to display the token's logo on the Las Vegas sphere, causing a 25% increase in price.

Can WIF price rally to $10?

Before the coin's initial rise to $3, Arthur Hayes predicted that Dogwifhat could reach $10. Hayes, former CEO of BitMEX and current chief investment officer at Maelstrom, made this claim on March 14.

If Dogwifhat were to match Dogecoin's $30.2 billion market cap, its price would need to reach $30.8 per token, an eightfold increase. During the 2021 bull market, Dogecoin's value surged by over 892% within a month.

As a reminder, this article does not offer financial advice. All investment decisions involve risk, and it is advised for readers to conduct their own research before proceeding.