Solana-based meme coin, dogwifhat (WIF), has astounded the crypto community, witnessing a staggering 700% surge over the past month. Recently, its valuation peaked at an all-time high of $3.25 before slightly retracing to approximately $3.17, marking a significant milestone with a market capitalization exceeding $3 billion, placing WIF as the third-largest meme coin.
WIF Price, Source: CoinGecko
The latest rally coincides with a significant achievement by the community. Supporters initiated a mission to display WIF's logo on the Sphere, a renowned entertainment arena in Las Vegas, Nevada, aiming to raise $650,000. Contributions have surpassed expectations, exceeding $700,000.
Despite the unprecedented surge, some significant investors are consistently accumulating WIF tokens rather than cashing in on substantial profits. Notably, one whale invested nearly $1.3 million to acquire over 540,000 WIF tokens.
Surpassing the $3 mark appeared improbable towards the end of last year when WIF traded at less than $0.10. However, fervent community support, combined with backing from prominent exchanges like Binance, Kraken, and Robinhood, contributed to its remarkable ascent.
Industry figures, including BitMEX's co-founder Arthur Hayes, publicly endorsed WIF, jokingly referring to its logo and name. Hayes hinted at a potential price surge towards the $2 zone and even speculated a valuation of $10, asking, "Are you WIF me?"
WIF's price surge enabled shrewd traders to amass significant profits. Notably, an individual purchased over 2.5 million WIF tokens for just $310 at the end of last year, currently enjoying a paper profit exceeding $8.1 million.
However, investing in such meme coins carries inherent risks due to their notorious volatility, which can lead to substantial losses.
Binance aims to use its Social Finance (SocialFi) initiatives as a catalyst for bringing Web3 technology into mainstream acceptance, is very aligned to CyberConnect which aims for long-term sustainability through developer-focused blockchain solutions.
YouQuan$MEME is a token launched by Memeland, a Web3 project built by members of the popular meme website, 9GAG.
AaronBuilding on El Salvador's pioneering move, Mexico stands calm to be the next country to adopt Bitcoin.
Hui XinDespite crypto prices pumping, NFTs are down- but here's why it's not a bad thing.
ClementThe "Decision Approving the 2024 Presidential Annual Programme (Decision Number: 7739)" was published in a supplementary issue of the Turkish Official Gazette.
DavinMultiple U.S. states take legal action against Meta for social media manipulation impacting children's mental health.
Hui XinSuch a liquidation would ignore the volatility of the cryptocurrency markets, possibly putting cryptocurrency owners at financial risk, even if they weren't guilty of any alleged crime.
DavinA recent verdict from a U.S. District Court judge has concluded a lengthy legal battle, with NFT artists Ryder Ripps and Jeremy Cahen ordered to pay Yuga Labs approximately £1.6 million in damages, as well as cover legal fees.
AaronConverting traditional loyalty points into digital currencies. This innovative move by Circle, BitoGroup, and Taiwan FamilyMart propels Taiwan's transition into a decentralised digital economy by tapping into existing consumer behaviors.
YouQuanU.S. legislators are pressing the Department of Justice to expedite the investigation into Binance and Tether concerning terrorism financing.
Hui Xin