The Solana-powered meme coin known as dogwifhat $WIF has surpassed Pepe $PEPE in 24-hour trading volume, marking a significant milestone in its growing popularity, according to data from CoinGecko.
In the last 24 hours, the trading volume for dogwifhat reached an impressive $36.6 million, outshining the well-established favorite, Pepe, which recorded a volume of $35.6 million. This achievement signals a noteworthy shift in the landscape for this emerging digital asset.
Traditionally, Dogecoin and Shiba Inu have dominated the meme cryptocurrency space in terms of trading volume. Dogecoin remains at the forefront with a substantial 24-hour volume of $657,577,938, while Shiba Inu follows with $130.4 million.
However, newer entrants like Bonk ($BONK) and Memecoin ($MEME) are also making waves, boasting respective trading volumes of $51.2 million and $47.6 million.
Dogwifhat, which was previously not as prominently positioned, has experienced a remarkable surge in trading activity, surpassing Pepe in terms of volume.
The meme coin is not only gaining traction in trading volume but also receiving increased recognition on cryptocurrency trading platforms. Binance Futures recently announced the launch of a perpetual contract with up to 50x leverage for dogwifhat, elevating its visibility and potential liquidity. The meme coin is making its mark on both decentralized and centralized exchanges, including platforms like Raydium and Gate.io, appealing to both decentralized finance (DeFi) enthusiasts and traditional traders.
This growing recognition is fueled by a resurgence of interest in Solana-based meme coins. On-chain metrics indicate a surge in network activity for Solana, benefiting tokens like dogwifhat, which recently experienced a substantial rally before stabilizing. The meme coin’s value is rooted in its viral imagery featuring a dog with a hat and the associated meme “wif hat,” which has gained popularity in the crypto community.
