A surge in Solana blockchain-based meme coin DogWifHat’s (WIF) price in recent days has shocked the market, with some claiming the token could be the next crypto unicorn.
The DogWifHat price reached a new all-time high in the $53s earlier on Thursday, pushing its market cap at the time above $530 million.
A crypto unicorn is defined as a token with a market cap of above $1 billion.
As per CoinMarketCap, there are currently 66 cryptocurrencies/crypto tokens that fall in the unicorn category.
If the DogWifHat price can reach a price of $1.00108099429, it will hit the $1 billion mark.
That’s owing to its supply current and total supply of 998920173 tokens.
The DogWifHat price has since pulled back from its earlier session highs.
WIF was last changing hands just under $0.38, with its market cap last just under $380 million.
Despite the meme coin’s 30% pullback from intra-day highs, its recent gains have shocked the market.
The DogWifHat price is still up a stunning 500% (or around 6x) from its lows last week around $0.065.
What’s impressive is that the DogWifHat price has been pumping despite recent underperformance of the SOL and BONK prices.
SOL, the ticker of the Solana token that powers the Solana blockchain, is down over 6% this year.
BONK, the ticker of the largest Solana-based meme coin called Bonk!, is down just over 7% this year.
Whilst Bonk! maintains the mantle of being the largest Solana-based meme coin with a market cap of more than $800 million, DogWifHat is quickly catching up.
So, can DogWifHat claim the crown of being the largest Solana-based meme coin?
And can it become the next crypto unicorn in the process?
DogWifHat Price Prediction – The Next Crypto Unicorn
Despite only launching on the 20th of December, DogWifHat has been able to build a substantial fanbase.
Its official X account has 27,700 organic followers and its Telegram channel has 8,350 committed degens.
And the token’s social reach is only set to grow, as major players in the crypto space take notice of the meme coin’s catchy branding.
Franklin Templeton, a major player on Wall Street who recently launched a spot Bitcoin ETF, recently referenced DogWifHat in a tweet.
You are unsure how to feel about Laser Eye Ben? Just think instead of Ben wif hat
— Franklin Templeton (@FTI_US) January 17, 2024
The firm then inadvertently expressed a bullish view on WIF, via its praise for the Solana blockchain and ecosystem.
On Solana, we see Anatoly’s vision of a single atomic state machine as a powerful use case of decentralized blockchains, lowering information asymmetry. And we are impressed by all the activity seen on Solana in Q4 2023
-DePIN
-DeFi
-Meme coins
-NFT innovation
-Firedancer
— Franklin Templeton (@FTI_US) January 17, 2024
On one of Solana’s top decentralized exchanges (DEXs) Orca, WIF has an impressive $5 million in liquidity.
The token has also seen nearly $20 million in 24-hour trading volumes.
Add that to the $164 million in trading volumes on major centralized cryptocurrency exchanges, and a clear picture is emerging.
WIF is seeing an explosive surge in trading and usage.
This cocktail of hype could easily propel the DogWifHat towards $1, placing it amongst the ranks of the crypto unicorns.
If the DogWifHat price can hold to the north of the $0.35-38 resistance zone, that would certainly help.
DogWifHat (WIF) Price Chart / Source: TradingView
WIF Alternative to Consider – Sponge V2 ($SPONGEV2)
DogWifHat (WIF) could deliver holders gains in the region of 10x this bull market.
That’s not bad, but many meme coin investors are aiming higher, i.e. for gains in the region of 100x.
They should look no further than Sponge V2 ($SPONGEV2), the reincarnation of the legendary Spongebob Squarepants-themed $SPONGE token, which reached a market cap of nearly $100 million earlier in 2023 and delivered gains to its earlier investors in the region of 100x.
$SPONGE token holders will be able to stake their tokens to receive an equivalent amount of $SPONGEV2 tokens, as well as to start earning staking rewards (paid out in $SPONGEV2) with a minimum APY of 40%.
$SPONGEV2’s main advantage over $SPONGE is that it will power a new play-to-earn game, the details of which are yet to be released.
But we do know that there will be a free version and paid version of the game.
Visit Sponge V2 Here
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