A new memecoin on the Solana (SOL) network has become the center of attention in just a few hours today. Dogwifhat (WIF), whose mascot unsurprisingly has a dog, saw an impressive rise today. Will this memecoin take the place of Bonk (BONK), which has blown away the crypto world in recent months?
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New Cryptocurrency Surges 63%
Dogwifhat began its impressive climb at 1am last night. At that time the price was at $0.08795, but a high of $0.1438 was reached just after 4:00 p.m. This represents a total increase of 63.5 percent in 15 hours.
This has put the altcoin in the spotlight within the Solana community. According to data from CoinMarketCap, WIF's total trading volume rose to $57.35 million last day, a staggering 92 percent increase from the previous day.
WIF entered the crypto world last month and quickly moved under the radar of many crypto investors as a possible successor to meme sensation BONK. The coin features a Shiba Inu dog wearing a knitted hat as a mascot. This meme has been circulating on the internet since 2020.
However, according to the project's website, it is more than just a meme: “It is a symbol of progress for futuristic transactions, a beacon for those who think ahead.”
Successor to Solana's BONK?
As the price of WIF skyrockets, many investors are eagerly jumping into the project, hoping for similar returns to early BONK investors. Starting in mid-October, BONK rose more than 9,400 percent in about two months. The project has thus entered the top 100 crypto coins and suddenly become a major competitor to the strongholds Shiba Inu (SHIB) and Dogecoin (DOGE).
However, caution is advised with such projects. Dogwifhat is ranked 2,257th in the broader crypto market. Place with a market cap of just $124 million. This indicates that the project involves significant risks. After all, relatively little money is needed to move the price.
To be considered a true successor to BONK, WIF still has a long way to go. However, nothing is impossible in the crypto world, where projects can compete with the big boys in a short period of time.
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