What a time to be a dog-themed Solana meme coin.
For weeks, BONK, a Shiba Inu-inspired Solana token, soared with no end in sight, dominating crypto discourse and enriching holders hundreds of times over. Now, another Solana meme coin is catching fire, apparently by ever so slightly innovating on the BONK aesthetic.
It’s a dog, yes—but this time, it has a hat.
Dogwifhat (WIF), a Solana token based on the Dogwifhat meme, is up an eye-popping 227,000% since its launch over Thanksgiving week, less than a month ago according to GeckoTerminal—climbing from a hundredth of a penny to almost $0.14 at writing. Over the past 24 hours alone, it’s up 125%.
Activity on the token appears to have accelerated substantially after last Monday, when Dogwifhat broke through the one cent barrier. It has since risen to a sizable market capitalization of over $135 million; in the last 24 hours alone, the coin has seen almost $29 million worth of trading volume.
Stories of early Dogwifhat pioneers who struggled through almost a month of “hodling” before reaching the promised land of untold riches have already begun circulating. One such trader who bought $300 worth of WIF the day the token launched now has over $300,000 worth of digital assets to show for it, according to blockchain intelligence firm Arkham.
Other Twitter users claimed to have made hundreds of thousands of dollars off the token’s staggering surge.
One such trader, when asked by an envious degen how they knew to invest in the token, offered a very matter-of-fact response.
“The dog is wearing a hat, and every time I looked at the meme it made me laugh,” they said. “That’s it.”
The Dogwifhat phenomenon has also spread beyond meme coins, to NFTs. A collection of 550 Dogwifhat Solana NFTs launched this month has already ballooned in value, with the cheapest piece in the collection now selling for 13.2 SOL, or $955 at writing. Just days ago, the NFTs were selling for less than $15.
The Dogwifhat saga is only the latest meme coin frenzy to rock the Solana ecosystem in recent weeks. Many boosters of the blockchain have taken the opportunity to cast these events as proof of Solana’s broader ascendance, and the network’s superiority to other rivals—chief among them, Ethereum.
Edited by Andrew Hayward
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