Dogwifhat (WIF) Overshadows Dogecoin (DOGE) and Shiba Inu (SHIB) in Key Metric

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As an experienced analyst, I find the recent performance of Solana-based meme coin dogwifhat (WIF) quite intriguing. According to data from CoinGecko, WIF has outperformed both Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of daily trading volume, with nearly $600 million compared to DOGE’s $424 million and SHIB’s modest $172 million. This trend indicates a growing interest among traders in less established meme coins over the current market leaders.

As a researcher studying the cryptocurrency market, I’ve noticed an intriguing development with Solana-based meme coin Dogewifhaz (WIF). According to recent data from CoinGecko, this upstart project has surpassed both Dogecoin (DOGE) and Shiba Inu (SHIB) in terms of daily trading volume.

Over the past 24 hours, WIF has recorded nearly $600 million in trading volume. 

Pepe, the well-known meme token, ranks second with a trading volume of approximately $518 million during the specified time frame.

In contrast, DOGE, the uncontested frontrunner in the meme coin category, trails behind with a market cap of $424 million.

As a researcher examining the meme coin market, I’ve observed that Shiba Inu, with a market capitalization of $10.2 billion and ranked as the second-largest meme coin, has been overtaken in terms of trading volume by two other coins: Bonk (BONK) and Floki Inu (FLOKI). Specifically, Bonk has recorded a trading volume of approximately $208 million, while Floki Inu boasts a trading volume of around $191 million. Shiba Inu’s trading volume currently stands at a relatively lower figure of $172 million.

The data indicates a greater attraction among traders towards lesser-known meme coins rather than the well-established market frontrunners.

The meme coin revival

As a researcher studying the meme coin market, I’ve observed noticeable growth across the board. Specifically, certain meme coins like WIF and Bonk have reported impressive double-digit percentage price increases.

On Sundays, Murad Mahmudov, an esteemed financial analyst, proposed that the meme coin might be constructing a substantial descending triangle on longer time scales.

Currently, PeiPei (PEIPEI) has emerged as a top contender in the meme coin market, with its trading volume nearing $150 million. This lesser-known altcoin has experienced remarkable growth, surging up to 37% within the last 24 hours, making it one of the top performers among the top 10 cryptocurrencies.

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2024-07-01 08:26