The cryptocurrency sector is experiencing a surge in meme coin activity, with Dogwifhat witnessing a significant increase in short liquidations.
What Happened: Dogwifhat, a meme coin based on the Solana (SOL) blockchain, has seen a substantial rise in its price. The token, which features a Shiba Inu dog wearing a pink knitted cap, has experienced a surge in value, reaching $3.97 and marking a 29.74% increase in the last 24 hours, according to CoinGlass.
This surge in value has led to a notable increase in short liquidations, totaling more than $319.48K. This is a significant contrast to the bellwether memecoin Dogecoin , which saw long positions worth $1.72 million liquidated in the last 4 hours.
Despite the recent meme coin frenzy, Dogwifhat has managed to maintain its position, with its value skyrocketing from an all-time low of under $0.07 at the beginning of the year to a high of $3.53 on March 14. This represents a gain of over 5,000% in just two months, propelling the token into the top 50 tokens by market cap.
See Also: Dogecoin Jumps 15% Ahead Of Doge Day, Whale Transactions Up
Why It Matters: The recent surge in Dogwifhat’s value is in line with the overall trend of meme coins in the cryptocurrency market. As the meme coin mania of early 2024 begins to settle, investors are looking for tokens that could be the top picks for the remainder of the year. Dogwifhat, with its impressive performance, is emerging as a strong contender in this space.
Dogecoin , has also been making headlines. The coin experienced a significant surge in value ahead of its upcoming launch on Apr. 20. This indicates a potential bullish momentum for the coin, further highlighting the growing interest in meme coins.
With the meme coin market continuing to show strength, it will be interesting to see how these tokens perform in the coming months and whether they will maintain their current momentum.
Read Next: Bitcoin Touches $70K Again, Ethereum, Dogecoin Bounce Upward As Crypto Market Recovers: Analyst Says If Rally Resumes, King Crypto Could Retest All-Time Highs
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