The newest Solana meme coin DogWifCat ($DWIFC) launched at 17:00 UTC yesterday, Wednesday March 20th, and has soared 2,367% to $0.01021 as frenzied buying accelerates.
Aside from bitcoin chalking up new all-time highs, the biggest story in crypto is the Solana juggernaut.
First, there was BONK and then Dogwifhat, and more recently $SMOG, $BOME and $SLERF.
Taken together meme coins are collectively demonstrating both the robustness and the value of the Solana blockchain. Now enter DogWifCat, which is already going parabolic less than 24 hours after launching.
Everyone in crypto now surely knows of the Wif-hat riff and its multiplying variants.
Well, DogWifCat is doing things a little differently from the rest of the pack by dispensing with the hat and going for a rhyming cat instead. It has a definite ring to it, which counts for a lot in the meme coin world that is all about virality.
From nowhere, $DWIFC has raced to a market capitalization of $10.07 million and a trading volume since its launch yesterday of $7 million.
What is Dogwifcat, we promise everything is fine we didn't fuck up.$DWIFC pic.twitter.com/DmbaUgrBfp
— DogWifCat (@DWIFConSol) March 21, 2024
Whales will also welcome the fact that liquidity currently stands at $4.31 million, meaning there is ample provisioning to facilitate large transactions.
DogWifCat has a total token supply of 1 billion – the $DWIFC token address is wifhHP4nsNmhXJx9Rrq9NFiYShUTFAreM5LKHso5qXK.
Prospective buyers will be happy to know that our conjoined furry friend DogWifCat has amassed 1,390 token holders in no time at all, Dextools data shows.
Whales rotating out of $BONK, $MYRO, $BOME and $SLERF to buy $DWIFC?
$DWIFC can be bought on Jupiter or Raydium decentralized exchanges by swapping SOLusing Solana or a Solana-based token. The present juncture in the market could be a good time to take profits on some of the other Solana token high-fliers such as $BONK, $MYRO, $BOME and $SLERF, and rotate some of those mega-profits into $DWIFC.
As the DogWifIFCat website would have it: “Much coin, such meme, add cat. DogWifCat = so investment.” Put that another way, there could be a lot of money to be made with this dog-cat mlash-up.
It is of course hard to tell for sure which meme coins will be the runners that deliver nose-bleed ROI, but insiders suggest that the smart whale money is pilling into this one, so it is probably worth getting some skin in the game.
One such whale has piled in with a $102,000 buy – as evidenced by the screengrab below from the DogWifCat Telegram channel:
There is nothing more to $DWIFC than being “simply a dog wif a cat attached to it, or vice versa”, but it is that simple unity of opposites that is looking very much like it is what’s going to make this coin the next meme narrative iteration to catch fire.
DogWifCat ($DWIFC) the next $BOME or better still, the next $SLERF
There’s every chance that this cleverly named coin could capture the zeitgeist in the way that $BOME did, or perhaps even more impressively than $SLERF has, with the latter now boasting a market cap of nearly $400 million.
There’s no telling where the price could end up on the first day of trading as meme coins continue to captivate the market. The astonishing price performance of the $SLERF meme coin, perversely helped by the developer sending the presale tokens to a burn address, was the most recent sign of the meme coin frenzy, until DogWifCat came along.
Trading volume in sloth coin $SLERF was a record-breaking $2.7 billion at the beginning of this week, surpassing the volume on the entire Ethereum ecosystem.
Solana was written off last year as a ‘Sam coin’, known as such because of the investments it attracted from the companies associated with the FTX exchange founder Sam Bankman-Fried.
However, things have turned out a little differently – such has been the turnaround in sentiment that the companies that buy distressed assets are complaining that FTX creditors are trying to pull out of prior agreements to sell their FTX accounts and the tokens, like Solana, therein.
The $SLERF price might be coming off the boil a little against the backdrop of uncertainty surrounding the developer. The price is down 12% over the past 24 hours, although it has gained 3,517% since launch on March 18.
But market participants can be forgiven for worrying that there is always the possibility of more disastrous coding mistakes being made by the anonymous $SL:ERF developer.
Perhaps the $SLERF price is just taking a breather, but the risk of putting more money into the sloth coin when there are opportunities like $DWIFC patiently waiting for your attention is turning out to be too great for many. That makes it the perfect time for $DWIFC to take its place in the sun – and this coin doesn’t need a hat to add another 2,000% and more to the gains it has already registered for holders.
Another Solana newbie meme coin is $BOME, but after printing highs shortly after its debut, the price has drifted lower. DogWifCat is on a radically contrasting path as its price continues to climb higher, with no sign of slowing down.
It might be “just a dog wif a cat”, but it could also be the best trade you could make in crypto today. The bull market is just getting started and meme coins are in the vanguard. Meme coins – especially the Solana variants – are very much here to stay. DogWifCat feels like it has the bark and meow to keep traders coming back for another bite.
Those settling for the short-term profits of a quick buck might want to reconsider that strategy and stick around for this super heavy rocket ship headed for the moon.
Keep in touch with this hot coin on X/Twitter and Telegram.
Buy $DWIFC on Jupiter.
The post New Solana Meme Coin DogWifCat Explodes 2,367% in 24 Hours, Next $BOME? appeared first on Cryptonews.
