Pseudonymous cryptocurrency trader Bluntz Capital predicted on X (formerly Twitter) on Sunday that Solana memecoin darling Dogwifhat WIF/USD would flip "at least two" of its bigger meme rivals.
What Happened: Bluntz said as much in a post that preceded another leg up for Dogwifhat, which is up 33% on the day, trading at $1.60 per CoinMarketCap data.
you just know the hat is gonna be flipping atleast 2 of these https://t.co/3FZZntyTJv
— Bluntz (@Bluntz_Capital) March 3, 2024
So far, his prediction has already been partially validated, as Dogwifhat briefly surpassed Bonk BONK/USD to become the biggest memecoin on Solana.
At the time of writing, the two tokens are trading neck-and-neck at a market capitalization of around $1.6 billion each.
However, Bluntz added that he does not believe Dogwifhat will surpass Dogecoin DOGE/USD.
Other traders and influencers echoed Bluntz' bullish predictions.
Ansem, a Solana influencer involved in the Dogwifhat community, said "any targets under $4 are FUD." He sees a "memecoin supercycle" play out that will take all memecoins to higher valuations.
Former Goldman Sachs executive Raoul Pal said he sees the beginning of an "alt season," or the flow of liquidity into smaller cryptocurrencies, concluding, "leave your brain behind and enjoy." Pal reminded his followers that the "degen bag," presumably the part of one's portfolio invested in memecoins and other speculative currencies, should not be "the main bag."
Why It Matters: Dogwifhat's astonishing rally has taken it beyond a market capitalization of over $1.5 billion in less than four months.
BitMex's co-founder and former CEO Arthur Hayes thinks $2 is the next target, with Dogwifhat rising more than 25% only since his call.
A stealth trading listing by Robinhood Europe last Friday may have kicked off the rush into Dogwifhat.
However, price predictions calling for astronomical targets will want to keep nominal valuations in mind.
While a "flipping" of Bonk and Pepe PEPE/USD is within grasp, the latter has also been predicted to enjoy a strong run, not least after also hitting a new all-time high.
Pepe is currently trading around a market capitalization of $2.1 billion, compared to Dogwifhat's $1.6 billion.
The top two memecoins, Dogecoin and Shiba Inu SHIB/USD, enjoy a comfortable lead over their rivals, with valuations of $19.9 billion and $12.5 billion respectively.
What's Next: Whether the memecoin mania continues will likely depend on whether Bitcoin continues its surge backed by record ETF inflows.
Read Next: Dogecoin, Shiba Inu, Pepe Erupt For 60%, 130%, 290% Weekly Gains: Benzinga's Memecoin Mashup
Image created with artificial intelligence using Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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