Dogwifhat’s (CRYPTO: WIF) is up another 32% on the day, bringing its weekly rally to 118% and taking the price to its new all-time high levels.
What Happened: Dogwifhat's exceptional surge continues, taking its monthly gains to almost 1,200% and outshining other prominent meme coins such as Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which reported gains of 112% and 295%, respectively.
Lookonchain data shows a dogwifhat developer selling 350 million WIF for 511 SOL, worth $29,000, within the token's first two days of trading. If he had held the position, the 350 million WIF would be worth $714 million at current prices.
The saddest thing is that the $WIF dev sold 350M $WIF for 511 $SOL($29K) within 2 days after open trading.
— Lookonchain (@lookonchain) March 8, 2024
The 350M $WIF is worth 693M currently!https://t.co/gDNKlLslfP pic.twitter.com/UhpXNrrvp2
In another transaction, a trader is sitting on profits of $10.9 million by holding on to his dog money since Nov.30.
A trader bought 5.1M $WIF with only a cost of $1,749 on Nov 30 and has held it to now, which is now worth $10.9M!
— Lookonchain (@lookonchain) March 8, 2024
This trader tried to limit sell $WIF on #Jupiter, but the order was not filled due to the high limit price.
So he canceled the limit order and transferred $WIF to… pic.twitter.com/eCRkN8DZBU
Why It Matters: Dogwifhat currently holds the third position in the top meme coins by market capitalization, with its price surging past the $2 mark recently, based on Coingecko data.
At its new all-time high of $2.31, the token boasts a valuation of $2.3 billion, joining the exclusive club of tokens with a $2 billion market cap alongside Bonk and Pepe.
Muro, a partner at ByBit and a prominent crypto trader, previously indicated on X that his primary target for Dogwifhat was $2.20.
The next target for Dogwifhat would be the valuation of Pepe (CRYPTO: PEPE), currently at $3.5 billion. Shiba Inu at $21.9 billion and Dogecoin at $24.5 billion remain out of WIF's grasp, at least for now.
Following a Binance listing, optimistic sentiment is peaking for Dogwifhat.
Read Next: Arthur Hayes: 'Shiba Inu Killer' Dogwifhat Headed To $2, 'Hat Stays On' Following 330% Weekly Rally
Image created using artificial intelligence with Midjourney.
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