As the crypto market continues to surge, one question dominates the conversation: Who let the dogs out? This week, the spotlight is on dog-themed meme coins, which have showcased remarkable performance in the ever-evolving landscape of cryptocurrency. Alongside the traditional heavyweights of Bitcoin and Ethereum, meme coins have soared to new heights, indicating a resurgence in the crypto bubble. The past week witnessed an extraordinary rally in the meme coin sector, with dog-themed cryptocurrencies notably surpassing the market leaders. With all eyes on this canine-inspired phenomenon, it begs the question: What exactly are these dog-themed meme coins that have captivated the attention of the crypto market? Let’s delve into the details.

1.Dogwifhat (WIF)

Dogwifhat (WIF) price market performance chart

Dogwifhat (WIF) has been making waves in the crypto sphere, with its current price sitting at $1.23 and a 24-hour trading volume of $382.7 million. Over the past day, WIF has surged by an impressive 41.91%. This surge has propelled it to the 80th position according to CoinMarketCap, boasting a live market cap of $1.2 billion. With a circulating supply of 998,920,173 WIF coins and an undisclosed maximum supply, WIF has shattered its all-time high of $0.9807 by 14.11%, a milestone achieved on March 1, 2024. Since its launch in December 2023, the meme coin has seen remarkable growth, with its price skyrocketing by over 600%. Notably, in the past week alone, the price of WIF surged by a staggering 314.80%.

The recent listing of the WIF token on Robinhood Europe has played a pivotal role in this surge. European Robinhood users can now trade WIF alongside established tokens like Cosmos, Polkadot, and XRP. This endorsement by Robinhood has significantly boosted confidence in WIF. Furthermore, major exchange Binance has demonstrated keen interest by introducing futures trading for WIF with 50x leverage. With such momentum building, many are speculating that listings on top exchanges like Coinbase could be on the horizon

2. FLOKI

FLOKI price market performance chart

The current data surrounding FLOKI presents an intriguing narrative. With a current price of $0.0001045 and a 24-hour trading volume of $884.42M, marking a significant increase of 616.26%, it’s evident that there’s heightened activity within the market. FLOKI has experienced a surge of 92.55% in the last 24 hours alone, showcasing substantial movement.

FLOKI is currently ranked 101st by CoinMarketCap, boasting a live market cap of $102 billion and a circulating supply of 9 trillion FLOKI coins. It’s important to note FLOKI’s historical performance as well, having achieved its all-time high of $0.0003437 on Nov 04, 2021, which represents a decline of 71.14% compared to its present value.

FLOKI price skyrocketed to 40%  following an announcement by DWF Labs, a prominent digital asset market maker and Web3 investment firm, that they will invest $10 million in FLOKI tokens to strengthen its ecosystem. FLOKI, known as the people’s cryptocurrency, emphasizes utility, philanthropy, community, and marketing, boasting a large holder base and strong brand recognition. DWF Labs’ investment aims to enhance FLOKI’s utility and market presence, positioning it for growth during a potentially explosive bull run. 

The broader crypto market’s positive momentum  and crypto market rallying may have also contributed to FLOKI’s upward course.

3. Dogecoin (DOGE)

Dogecoin (DOGE) price market performance chart

The current Dogecoin price stands at $0.145552, accompanied by a substantial 24-hour trading volume of $4.65 billion, marking a notable increase of 37.10%. Over the past day, Dogecoin has surged by 22.35%. It currently holds the 9th position on CoinMarketCap, boasting a live market cap of $20.86 billion, with a circulating supply of 143.3 billion DOGE coins. Despite being 80.27% lower than its all-time high of $0.7376 reached on May 08, 2021, Dogecoin has shown strong performance over the past week, witnessing a price increase of 70.79%, and year-to-date, it has risen by 80.21%.

Dogecoin’s recent price surge is attributed to several factors. Firstly, attention was drawn to Dogecoin when two large  DOGE whales accumulated over 270 million DOGE in transactions, sparking global interest and contributing to a bullish atmosphere. This accumulation spree, particularly notable on Robinhood, led to a 29.27% surge in Dogecoin’s price. Derivative data supported this uptrend, indicating reduced supply and increased prices, signaling bullish sentiment. This surge contrasts with Dogecoin’s previous sluggish performance, hinting at renewed interest and potential gains. Speculation about a partnership with Ferrari further fueled excitement, along with the overall market rally may have also led by Bitcoin crossing the $60,000 mark.

4. BONK


BONK price market performance chart

The current BONK price is $0.0000261, with a 24-hour trading volume of $774.15M, marking a slight decrease of 5.88%. Despite this, Bonk has surged by 23.4% over the last 24 hours. It currently holds the 58th ranking on CoinMarketCap, with a market cap of $1.74 billion and a circulating supply of 65.19 trillion BONK coins. Bonk reached its all-time high of $0.00003419 on Dec 15, 2023, representing a reduction of 23.48% compared to its current price. However, its value has seen remarkable growth, with a 130.3% increase over the past week and an astounding 24251% surge year-to-date.

BONK surge is part of a broader trend in meme-based cryptocurrencies, fueled by internet memes and culture. Market momentum, including Bitcoin price recent surge, has contributed to Bonk’s rally, with its value increasing over 85% in a week and 90% in a month. Social media buzz around Bonk has surged by 300%, highlighting growing community interest. Despite the price surge, primary investors in Bonk have not significantly cashed out their investments, indicating a belief in its long-term potential.

Shiba Inu (SHIB)

The current Shiba Inu (SHIB) Price stands at $0.000022, with an impressive 24-hour trading volume of $5.35 billion, marking a substantial increase of 280.06%. Over the past day, Shiba Inu has surged by 73%. It currently holds the 11th position on CoinMarketCap, with a market cap of $13 billion and a circulating supply of 589.3 billion SHIB coins. Despite being 75.03% lower than its all-time high of $0.00008845 reached on Oct 28, 2021, Shiba Inu has demonstrated strong performance, soaring by 135.45% this week and 88.42% year-to-date.

The surge in Shiba Inu can largely be attributed to the skyrocketing token burn rate. The erratic behavior of Shiba Inu burn rate this week, including a 30,000% increase followed by a drop to zero, hasn’t dampened investor enthusiasm. The success of SHIB’s token burn program, which has removed 410 trillion tokens from active circulation, is seen as a key factor in elevating its market position and allowing it to gain value, particularly in a bullish market. This surge coincided with Bitcoin’s climb to $64,000 in a pre-halving charged rally. 

Conclusion

With notable tokens like Dogwifhat (WIF), FLOKI, Dogecoin (DOGE), BONK, and Shiba Inu (SHIB) capturing investors’ attention, it’s clear that these canine-inspired assets are driving significant market activity. As speculation continues to mount and investor interest grows, the question remains: What lies ahead for these dog-themed meme coins in the ever-evolving landscape of cryptocurrency?

The post Who Let the Dogs Out? What Dog-Themed Meme Coins are Rallying? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am