Popular Solana meme coin DogWifHat ($WIF) is the best performing among the big five doge-themed meme coins this week with a blistering 18% advance on its price this time last Friday.
The $1.8 billion market cap token, which is currently the fourth largest meme coin in the world, added 3.4% in the last 24 hours and now changes hands at around $1.80.
By contrast, sector leader and original meme coin Dogecoin ($DOGE)—by far the largest meme coin with a market cap of $15.4 billion—only added 0.3% to its price both in the last 24 hours and in the last seen days.
DogWifHat ($WIF) Price Analysis
In general, crypto has been rallying since Tuesday, when the Federal Reserve cut interest rates by 50 basis points (0.5%) after two years of eleven consecutive hikes, which took US interest rates to their highest level in two decades.
This means borrowing costs are coming down, a factor that will shift investors to more risk-on positions like crypto.
The news helped push the price of market leader Bitcoin ($BTC) up 9.3% from seven days ago as it trades at $63,420.
DogWifHat’s home chain Solana, represented by the $SOL token, grew 13% over the week and trades at $149.
Over on DogWifHat’s price chart we can see $WIF trading relatively conservatively following the August 5th crypto and stocks crash when spooked investors dumped their riskier assets.
Since then, the token has bounced in a narrow margin between $1.40 and $1.95. It looks set to continue that way with a falling relative strength index (RSI) of 50 indicating steady selling momentum.
Going into the weekend, this will mean DogWifHat’s rally is likely to cool off and hold steady until Monday.
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Now that the Federal Reserve is cutting rates, investors will likely be shifting into more risk-on positions for better rewards.
For those who don’t want to invest in meme coins for the potential of blistering returns, presales offers the opportunity to buy into crypto projects at their very launch. This makes them potentially more profitable than DogWifHat or Dogecoin.
Crypto’s $45.7 billion meme coin sector, which grew 4.6% in the last 24 hours, is one sector that is brimming with promise.
While meme coins may have started as a parody, they are rapidly finding longevity by offering new value and utility to holders.
One new project, called Memebet, has launched the first online casino where players use meme coins.
The presale launched this week and the project’s native $MEMEBET token received over $200,000 in investments in just two days.
With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years, there’s little that the Federal Reserve’s policies could do to impede the growth of platforms like Memebet.
$MEMEBET tokens unlock a range of benefits for players, including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and casino bonuses.
The project has just launched a 400 million $MEMEBET airdrop.
To join it, simply buy some tokens, wait for the launch of the casino (before the end of the presale), and begin gaming and betting to secure rewards.
Stay updated on the latest Memebet news and developments on X and Telegram.
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