Popular meme coin DogWifHat (WIF) has shot up 42% in the last seven days as it leads the charge in a market-wide rally that has added double digit percentages to leading meme coins.
Broadly speaking, the whole market is up nicely from this time last week.
The world’s favorite cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH) both rose about 11% and change hands at $70,002 and $3,569 respectively, according to CoinGecko data.
They have both taken nominal losses in the last 24 hours. Bitcoin posted a pullback of 1.5%, while Ethereum fell 2.4%.
But the meme coin sector is where things appear to be exploding today.
WIF’s performance is matched by market leader Dogecoin (DOGE), the original Shiba Inu referencing cryptocurrency. The pair posted higher gains than any other meme coin among the top ten by market capitalization.
DOGE surged 37% over the last week and currently trades for $0.1833.
Over on WIF’s trading chart, we see a rally beginning in the final week of February which grew volatile a week into March before peaking with an all-time high of $3.47 in on March 15.
WIF’s price through the middle of March was level with its current price, which suggests the meme coin has found particularly strong support above $3.
A Relative Strength Index (RSI) of 48 suggests trading is currently stable.
Why Are WIF And Other Meme Coins Surging?
Broadly speaking, meme coin prices are generally amplifying wider market trends. Bitcoin, Ethereum, and, by extension, all of crypto is currently buoyed by two narratives: ETFs and the Bitcoin halving.
On January 10 this year, the SEC approved 11 spot Bitcoin investment products called exchange-traded funds (ETFs) to begin trading stateside. Bitcoin ETFs are funds that buy up and store Bitcoin to create and sell shares that track the price of the underlying asset, which are purchased and sold on exchanges.
Many have called it a milestone on the path to more crypto adoption because now institutional investors and high rollers from the traditional finance (TradFi) world have a regulated instrument to invest in crypto with. To date, the ETFs have collectively netted over $11.7 billion.
The other big narrative centres on an upcoming halving to the new supply of Bitcoin. On April 19, Bitcoin’s code will slash miners’ BTC rewards in half in a quadrennial event that’s designed to maintain the scarcity and price of Bitcoin. Historically, halvings have led to rallies because of the law of supply and demand.
Tired of Dog Memes? Try Slothana!
Aside from its obvious lack of utility, one other criticism of WIF is its lack of originality. After all, how many cryptocurrencies are based on Shiba Inus that have become viral memes?
Let’s count: Dogecoin, Shiba Inu, Floki, Bonk, DogWifHat, you get the idea.
One Solana-based meme token that throws a slovenly spanner in the dog-obsessed meme coin sector is Slothana (SLOTH), which has just launched its presale.
Wanna leave your nine-to-five? Slothana thinks you can, if you put your money to work in crypto.
🎉 Site update for Slothana incoming! 🚀 Get ready to embrace your inner sloth with our new ‘Lazy Sloth Buy Widget’ on the way! 🌿🦥 Send SOL with ease and let’s get ready for lambo💰 #Slothana #LazyCrypto #MemeCoin
— Slothana (@SlothanaCoin) March 27, 2024
There’s speculation online that Slothana is from the same team that launched Smog (SMOG), which rallied strongly after ending its presale and listing.
Barely a day into its sale and SLOTH has already raised nearly $700,000!
To purchase, head to the website. 1 SOL purchases 10,000 SLOTH, which means each SLOTH has an approximate price of $0.018599 at the time of writing, although this will rise as the presale progresses.
As the market prices the effects of next month’s Bitcoin halving, popular smaller-cap coins like SLOTH could post increased gains.
Interested? Visit Slothana Now
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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