Dogwifhat has pumped by 15% in the last 24 hours, making it the best-performing top-100 cryptocurrency by market cap.
Meanwhile, the new ICO Dogecoin20 launched today and has already raised over $200K, stoking excitement that this could be the next meme coin to explode.
Dogwifhat Continues to Surge While Broader Market Struggles
The crypto market has slumped over the past 24 hours, with Bitcoin plunging from $73,600 to lows of $66,952.
Altcoins have also tumbled, causing the total crypto market cap to drop by 5.8% to $2.8 trillion.
But a beacon of hope has emerged among the volatility: Dogwifhat.
In a continued display of strength and resilience, the meme coin has jumped from $2.89 to a high of $3.47 and is currently trading at $3.2.
Yet, this performance is becoming the norm for WIF. Its price is up 70% this week, and 819% this month.
Meanwhile, it holds an impressive $3.3 billion market cap and a $1.2 billion 24-hour trading volume, up 77% today.
This recent price performance and trading volume spike was driven by a community fundraising event that amassed $650K to put an image of Dogwifhat on the Las Vegas sphere.
The community raised $650K in just five days, illustrating the power of meme coins and their potential for real-world notoriety.
WIF’s outsized performance has generated mixed opinions on where its price could be headed next.
On the one hand, many market participants speculate that Dogwifhat could be destined for $10.
However, others argue that its run will end and the price will crash. The infamous American businessman Martin Shkreli argues that Dogwifhat is a bubble, comparing it to the famous Dutch tulip market bubble of the 1600s.
Meanwhile, Bankless Co-Founder Adam Sean Adams worries Dogwifhat’s recent initiative signals that the market is overheated, saying “there goes the bull market.”
Although community sentiment behind Dogwifhat remains strong, analyst opinions undoubtedly raise concerns of a potential imminent crash.
As such, traders may seek alternative projects for diversification. One of the most promising upcoming meme coins is the new presale Dogecoin20, which raised over $200K on its first day.
Stake-to-Earn Meme Coin Dogecoin20 Offers 2,838% Staking APY and Raises $200K
Dogecoin20, a brand new meme coin on the Ethereum network, has begun causing a monumental stir after launching today.
Inspired by Dogecoin, the project brings the golden-furred companion to the Ethereum network and ushers in generous staking rewards.
The staking APY will decrease as more tokens are staked, but $DOGE20 holders can currently garner a whopping 2,838% APY.
Staking provides a novel utility to help foster demand and minimize sell pressure, a distinct advantage over the original Dogecoin.
But in a bid to solve another of Dogecoin’s most pervasive criticisms, Dogecoin20 will have a finite supply.
In comparison, Dogecoin does not have a supply cap, making it inflationary and presenting price dilution risk.
Nevertheless, Dogecoin20 retains the same enigmatic memetic allure as its predecessor, already captivating the meme coin community as it raises over $200K in its opening hours.
As per its website, 25% of the token’s total supply is allocated to the presale, 25% to marketing, 25% to the project treasury, 15% to staking rewards, and 10% to exchange liquidity.
Those who buy Dogecoin20 today will get its lowest-ever presale price. However, this will increase as the campaign advances, with the next uptick in six days.
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