Dogwifhat Flips Pepecoin To Close In On Dogecoin-Killer Shiba Inu, Becomes 3rd Largest Memecoin

Increasing meme coin activity has spurred a rally in Dogwifhat WIF/USD, which has managed to flip Pepe Coin (CRYPTO: Pepe) to become the third-largest meme coin by market capitalization.

What Happened: Dogwifhat now has a market capitalization of $3.65 billion and its 16% rally in the last 24 hours has helped it blow past Pepe Coin.

In the last 24 hours, Dogwifhat's market capitalization rose from $3.15 billion to $3.65 billion, while that of Pepe Coin fell from $3.29 billion to $3.28 billion.

According to Benzinga Pro data, Dogwifhat is also the best-performing cryptocurrency in the top 100 when it comes to 24-hour and 7-day performance – it has gained over 16% in the last 24 hours and over 61% in the last seven days.

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Its market capitalization has increased from $2.26 billion to $3.65 billion in the last seven days.

However, going from the third largest meme coin by market capitalization to the second place occupied by ‘Dogecoin-Killer’ Shiba Inu SHIB/USD will prove to be a challenge for Dogwifhat. Shiba Inu's current market capitalization stands at $18.09 billion, which makes it nearly five times larger than Dogwifhat.

Dogwifhat is relatively new, though – it was launched in November on the Solana chain. On the other hand, Pepe Coin was launched in April 2023, while Shiba Inu was launched in August 2020.

Why It Matters: Dogwifhat's rapid surge aligns with the overall activity in meme coins. Its rise has also helped Solana Coin SOL/USD make gains since investors and traders who want to buy Dogwifhat have to buy SOL first and trade it for the meme coin.

The Dogwifhat rally has also led to a surge in short liquidations, which touched $1.62 million in the last 24 hours, according to CoinGlass.

It remains to be seen if the meme coin maintains its momentum and proves to be a challenger to Shiba Inu.

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